Bulgarian PM Hints of Large Conventional Gas Deposits

Construction of Belene NPP began in the late 1980s, but was frozen and for decades went nowhere, until Bulgaria's GERB Cabinet recently decided to scrap it for good. Photo by BGNES

Exploration, research and surveys in Bulgaria have shown that the country has sufficient reserves and deposits of what it needs to solve the issue with skyrocketing gasoline prices, and it is not shale gas.

The statement was made in a nearly sensational manner by Prime Minister, Boyko Borisov, speaking in a Monday morning interview for the largest private TV channel bTV and commenting on high oil and fuel prices.

Borisov declined to give any details about the mysterious deposits on grounds he had promised Economy and Energy Minister, Delyan Dobrev, to not reveal anything in advance. He only stressed that the ban on exploration of deposits of energy resources other than shale gas must be dropped.

The Prime Minister admitted that prices of gasoline in Bulgaria could reach as much as BGN 7 per liter, if Iran was to start a war. He added that all measures Lukoil Bulgaria has proposed so far can only lower prices by BGN 0.3-0.4 which automatically makes these measures useless. According to Borisov, the high fuel prices in Bulgaria are driven by oil prices on international markets thus nothing can be done to tame the local ones.

He did, however, voice hope that prices of natural gas for end consumers will go down soon over the agreement sealed recently with Russian energy giant "Gazprom" for an 11% price reduction.

"Bulgaria will continue to export electric power, despite the decision to scrap the project to build jointly with Russia a second nuclear power plant in the Danube town of Belene. Reports that we will import from Turkey are an insinuation to scare people. It is all a matter of mathematics," Borisov stated, adding that Bulgaria currently produces 10 000 megawatts of electricity and consumes 5 000 megawatts.

The PM reiterated how the decision to not build Belene had been the only right one and pointed out that the project had been a huge swindle cooked since its very beginning by his predecessors for their own benefit.

Borisov announced that this upcoming Wednesday, during the Council of Ministers, the cabinet is going to issue the final decision to build a new, seventh unit at the existing "Kozloduy" NPP. He explained that the new reactor, combined with new capacity in Maritsa Iztok Thermal Power Plants, the use of alternative energy sources and expansion of the Gorna Arda hydro-energy project will ensure a total production of 13 -14 000 MW of electricity.

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