August 13, 2011
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Bulgaria Likely to Rely on Shale Gas Exploration

A newly-discovered natural gas deposit near Lovech in Northern Bulgaria contains 10 billion cubic meters of gas, Bulgaria's Minister of Economy, Energy, and Tourism announced, as quoted by BNR.
Traikov said that Bulgaria will soon be able to extract about 1 billion cubic meters of natural gas per year, or about one-third of its annual consumption.
He spoke Tuesday night without providing details about the deposit near Lovech but he apparently referred to an area around the village of Deventsi in central northern Bulgaria explored in the recent years by Direct Petroleum, a US-based company, reported.
In February 2011, Texas-based company TransAtlantic Petroleum acquired 100% of Direct Petroleum Bulgaria EOOD.
The news about the Lovech deposit comes two weeks after Bulgaria's Cabinet formally decided to award a large-scale concession for shale gas exploration to US energy giant Chevron. The exploration plot in question is near the town of Novi Pazar in Northeastern Bulgaria, and the Bulgarian government will get EUR 30 M from Chevron for the exploration rights.
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