Chevron to invest EUR 30mn in gas exploration in northeast Bulgaria.

By bne IntelliNews May 30, 2011
Economy minister Traycho Traykov said that the US oil company Chevron has won the competition for shale gas deposits exploration near Novi Pazar in the northeast part of the country, according to Dnevnik Daily. Chevron will invest EUR 30mn in the gas exploration project. Chevron is expected to sign the contract in two weeks. Minister Traykov said also that the shale gas deposits in the country are ranging between 300bn and 1trn cubic metres, according to preliminary estimates of interested in exploration companies. Bulgarias total annual consumption amounts to 3bn cubic metres, 90% of which are imported from Russia. The authorities have opened two more tenders for shale gas exploration in the same region and the offers should be submitted by the end of June 2011.

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