Wednesday, February 20, 2013

Bulgaria Govt Extends Oil, Gas Exploration Permit of Melrose Resources

Bulgaria's government has extended the oil and gas exploration permit of Scottish Melrose Resources for the Galata field in the Black Sea block by 166 days.
The oil and gas exploration permit was awarded to Melrose Resources in 2011, according to a media statement of the press office of the Council of Ministers.
Melrose Resources undertakes to conduct exploration activities in compliance with the working program approved by the Minister of Economy, Energy and Tourism during the extension of the permit.

According to the press office of the government, another decision passed Wednesday allows a partial transfer of rights an obligations stemming from the 2012 oil and gas exploration permit for Block 1-21 Han Asparuh by Total E&P Bulgaria B.V. to its partners in the consortium, as a result of which OMV Offshore Bulgaria GMbH and Repsol Bulgaria B.V. receive 30% stakes and Total E&P Bulgaria retains a 40% stake.

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