site.btaCompetitive Bidding Announced for Permit for Prospecting for Oil, Gas in Northwestern Bulgaria

Competitive Bidding Announced for  Permit for Prospecting for Oil, Gas in Northwestern Bulgaria

Sofia, November 2 (BTA) - The government Wednesday decided to open a competitive bidding procedure for obtaining a permit for prospecting and exploration of oil and natural gas in Bloc 1-25 Vratsa West, in Northwestern Bulgaria, the government's information service said in a press release. The bloc has an area of 4,886 sq km.

The procedure was launched to respond to expressed investor interest. The bidding will be held with the following key parameters: the permit will have a term of five years, with the option of two renewals each for two years; the bidding documents will be on sale for a period of 120 days as of the date of promulgation of the decision in the Official Journal of the EU; applicants will be able to submit applications for participation up to the 140th day after the promulgation of the decision, and proposals, up to the 155th day.

With another decision the government extended the term for oil and gas prospecting in Bloc 1-27 Ovcha Mogila, on the territory of the Pleven and Veliko Turnovo regions in North Central Bulgaria, where a company called Oil and Gas Prospecting and Extraction has been working since 2010.