BNK Petroleum Eyes Bulgarian Shale Gas Resources

BNK Petroleum has became the third US company with interest in extracting Bulgaria's shale gas, according to the Bulgarian Prime Minister Boyko Borisov.

Borisov announdced that after he met the former NATO Secretary General Wesley Clark, who is currently on the BNK Petroleum's bord of directors. Bulgaria's Minister of Energy, Economy and Tourism Traicho Traikov also participated in the meeting.

BNK Petroleum is based in California and operates mostly in Oklahoma. In Europe, the company has received 12 concessions allowing it to extract shale gas in Germany and Poland.

Shale gas is no different in composition from conventionally extracted gas, but lies deposited at a geologically different layer.

Shale gas had led to an important transformation of the natural gas market. Since the mid-00s, American shale gas production has been on dramatic rise. In Europe, exploration is underway in countries like Romania and Poland, with the latter having the prospects of becoming the pioneer.

In September Direct Petroleum, a US-based small oil and gas company with a Bulgarian subdivision, announced the first two discoveries of shale gas in Bulgaria. Both are located in the central northern part of the country. One of them, located near the town of Etropole, is of considerable size.

Until now, interest towards Bulgaria's shale gas has also been shown by the US companies Chevron and Integrity Towers.

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