Bulgaria extends Petroceltic's Kavarna East gas field concession

SOFIA (Bulgaria), January 25 (SeeNews) - Bulgaria's interim government said on Wednesday that it has extended by 15 years the concession for the Black Sea natural gas block Kavarna East held by Luxembourg-based exploration and production company Petroceltic.

The term of the concession was extended at the request of the company given that there are remaining untapped reserves at the deposit, the government said in a statement following its weekly meeting.

Bulgaria awarded a six-year concession contract for the Kavarna East natural gas extraction block to Petroceltic in 2013. Petroceltic has 100% interest in three producing gas fields and one field under development in the Galata exploration block, which is located in shallow waters off the Bulgarian northern Black Sea coast.

In a separate decision, the government said that it allowed Petroceltic Bulgaria and Luxembourg-based concession holder Petroceltic to deploy the ships GSP Saturn and GSP Licorn, sailing under the flag of Panama, to carry out transportation and activities related to hydro-technical and underwater technical works for the construction of a new exploitation well within the concession area of ??the Galata block, with a view to increasing natural gas extraction. The permission to use the ships is for a term of six months. Bulgaria awarded a 25-year concession for the Galata exploration block to Petroceltic in 2001.

Ireland-based oil and gas firm Petroceltic International divested its Bulgarian subsidiary Petroceltic Bulgaria to an unnamed buyer in 2019.