Bulgaria Govt Allows Consortium to Explore Oil, Gas Reserves

Overgas Inc. AD, Balkan Explorers (Bulgaria) Ltd. "and" JKX Bulgaria Ltd., were announced as the three companies that will jointly explore the reserves over an area of 1787 square kilometers. Photo by BGNES

The Bulgarian government has given three companies the rights to explore the reserves of oil and natural gas in the ‘Provadia’ block in northeastern Bulgaria.

Overgas Inc. AD, Balkan Explorers (Bulgaria) Ltd. "and" JKX Bulgaria Ltd., were announced as the three companies that will jointly explore the reserves over an area of 1787 square kilometers.

The cost of exploratory work within the 3-year permit is expected to exceed EUR 14.5 M, the government press office said. Overgas will hold a 64% share in the consortium with Balkan Explorers (Bulgaria) Ltd. "and" JKX Bulgaria Ltd. holding 18% each.

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