Country Report
Bulgaria upstream summary
Report summary
Bulgaria is a mature hydrocarbon province, with production of both oil and gas now far below historical highs. Production is dominated by two companies: Oil and Gas Exploration and Production (OGEP) and Worldview Capital-backed Petroceltic. However, a number of Majors and IOCs are actively involved in Black Sea exploration, including Shell, Total, Repsol and Woodside.
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
-
Onshore
- Key operators
-
Offshore
- Deepwater
- Shallow water
-
Onshore
-
Geology
- Introduction
- Key basins
- Moesian platform
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Black Sea
- Shallow water
- Deepwater
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Exploration
- Licensing
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Key tenders
- 2023 offshore tender (Tervel 1-26)
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Key licensing rounds
- Conventional oil and gas
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Key ad-hoc awards and M&A
- Onshore
- Offshore - shallow water
- Offshore - deep water
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Unconventional
- Current status
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Drilling
- Drilling activity
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Recent conventional E&A activity
- Offshore - deepwater
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Future conventional E&A activity
- Offshore - deepwater
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Historical conventional E&A activity
- Offshore - shallow water
- Onshore
-
Unconventional E&A activity
- Current status
- Historical activity
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Reserves and resources
-
Reserves
- Reserves by sector
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Contingent resources
- Contingent resources by sector
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Reserves
-
Production
-
Liquids
- Historical production
- Future production
-
Gas
- Historical production
- Future production
-
Liquids
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Infrastructure
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Oil infrastructure
- Key planned pipelines AMBO
- Refineries
- Gas infrastructure
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Key gas pipelines
- Trans-Balkan Pipeline
- Bulgaria-Romania-Hungary-Austria (BRUA)
- Interconnector Bulgaria-Romania (IBR) pipeline
- Interconnector Greece-Bulgaria (IGB) pipeline
- Interconnector Serbia-Bulgaria (ISB)
- Other proposed pipelines
- Underground gas storage (UGS)
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Oil infrastructure
-
Costs
- Introduction
-
Capital costs
- Capital expenditure by location
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Operating costs
- Operating expenditure by location
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Policy and regulation
- Key legislation
- Regulatory body
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State oil company
- Oil and Gas Exploration and Production
- State participation
- Licensing
-
Overview
- Concessions
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Fiscal terms
-
Overview
- Upstream
- Midstream and downstream
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Current fiscal terms
- State equity participation
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Corporate income tax
- EU temporary solidarity contribution (2022-23)
- Fiscal treatment of decommissioning
- Product pricing
- Sample cash flow
- Historical background
-
Overview
Tables and charts
This report includes 23 images and tables including:
- Key facts: Table 1
- Bulgaria - country map
- Reserves and contingent resources at 01/01/2024
- Net Acreage 2024
- Bulgaria - map of basins
- Bulgaria - licence activity
- Reserves and resources: Table 1
- Bulgaria - liquid and gas reserves
- Reserves and resources: Table 2
- Production: Table 1
- Production: Table 2
- Bulgaria - liquids production
- Production: Table 3
- Production: Table 4
- Bulgaria - gas production
- Infrastructure: Table 1
- Bulgaria - infrastructure map
- Costs: Table 1
- Costs: Table 2
- Costs: Table 3
- Costs: Table 4
- Fiscal terms: Table 1
- Fiscal terms: Table 2
What's included
This report contains:
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