At its meeting on Wednesday (Jun 15, 2011), the government allowed the US oil company Chevron to explore for shale gas deposits on a 5,000 sqm land plot near Novi Pazar in the northeast part of the country, economy and energy minister Traycho Traykov informed quoted by investor.bg. The 5-year contract is to be signed in the next few days. Chevron will invest EUR 50mn in the project. The state will receive EUR 30mn for the permit. Last month, 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. |
The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces ... more
Bulgaria will be seeking an extension of the court procedure filed by the EC against the country over irregularities found in the assignment of digital broadcast spectrum, transport minister ... more
Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR ... more