Bulgarian caretaker Government announced that it has extended the concession for natural gas offshore block Kavarna East in the Black Sea held by Petroceltic Bulgaria by 15 years.
The statement from the Government said that the term of the concession was extended at the request of the company given that there are remaining untapped reserves at the deposit.
Bulgaria awarded a six-year concession contract for the Kavarna East natural gas block to Petroceltic in 2013. Petroceltic Bulgaria 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.
The Government also gave permission to the company to deploy the ships GSP Saturn and GSP Licorn 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, in order to increase natural gas production. The permission is valid for 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.
