Bulgaria upstream summary Report

Country Report 28 February 2025

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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.

Executive summary
Key facts
Location maps
Key companies
- Onshore
  - Key operators
- Offshore
  - Deepwater
  - Shallow water
Geology
- Introduction
- Key basins
- Moesian platform
- Black Sea
  - Shallow water
  - Deepwater
Exploration
- Licensing
- Key recent tenders
  - 2023-24 offshore tender (Tervel 1-26)
- Key historical licensing rounds - conventional oil and gas
  - First Licensing Round (1989)
  - Second Licensing Round (1993)
  - Third Licensing Round (1997)
- Key ad-hoc awards and M&A
  - Onshore
  - Offshore - shallow water
  - Offshore - deep water
- Key historical licensing rounds - unconventional oil & gas
  - Current status
  - Historical licensing
- Drilling
  - Drilling activity
- Recent and future conventional E&A activity
  - Offshore - deepwater
- Historical conventional E&A activity
  - Offshore - shallow water
  - Onshore
- 1 more item(s)...
Reserves and resources
- Reserves
  - Reserves by sector
- Contingent resources
  - Contingent resources by sector
Production
- Liquids
  - Historical production
  - Future production
- Gas
  - Historical production
  - Future production
Infrastructure
- Oil infrastructure
  - Key planned pipelines AMBO
  - Refineries
- Gas infrastructure
- 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)
Costs
- Introduction
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
- Regulatory body
- State oil company
  - Oil and Gas Exploration and Production
- State participation
- Licensing
  - Overview
  - Concessions
Fiscal terms
- Overview
  - Upstream
  - Midstream and downstream
- 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
  - 1 more item(s)...
- Historical background