site.btaBulgarian Energy and Mining Forum Warns of Risks if Bulgarian State Joins Early Natural Gas, Oil Exploration in Black Sea

The Bulgarian Energy and Mining Forum has issued a position about the potential economic risks for the State posed by its early involvement in the oil and gas exploration project in Block 1-21 Khan Asparuh, located in Bulgaria's exclusive economic zone in the Black Sea. The position, signed by the organization's Chairman, Ivan Hinovski, was sent to BTA on Monday. 

The only way to prove the presence of any hydrocarbon accumulations is to drill a well that can confirm the geological model and the presence of an oil system, from which it will also become clear whether and to what extent it is filled or not with natural gas and/or oil. All calculations of expected benefits are purely speculative and wishful thinking, not based on drilling results, the position reads.

To date, a significant amount of seismic work has been done in the block and three wells have been drilled, all dry. In this sense, the participation of a Bulgarian company in the project poses very high risks, the NGO said.