Country Report

Bulgaria upstream summary

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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
    • Onshore
      • Key operators
    • Offshore
      • Deepwater
      • Shallow water
    • Introduction
    • Key basins
    • Moesian platform
    • Black Sea
      • Shallow water
      • Deepwater
    • 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
      • Reserves by sector
    • Contingent resources
      • Contingent resources by sector
    • Liquids
      • Historical production
      • Future production
    • Gas
      • Historical production
      • Future production
    • 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)
    • Introduction
    • Capital costs
      • Capital expenditure by location
    • Operating costs
      • Operating expenditure by location
    • Key legislation
    • Regulatory body
    • State oil company
      • Oil and Gas Exploration and Production
    • State participation
    • Licensing
      • Overview
      • Concessions
    • 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

Tables and charts

This report includes the following images and tables:

  • Key facts: Table 1
  • Bulgaria - country map
  • Reserves and contingent resources at 01/01/2025
  • Net Acreage 2025
  • 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
  • 11 more item(s)...

What's included

This report contains:

  • Document

    Country Overview

    PDF 17.05 MB

  • Document

    Country Overview

    XLS 548.00 KB