Bulgaria extends Petroceltic's concession of Galata exploration block

Bulgaria extends Petroceltic's concession of Galata exploration block

Bulgaria's government said on Wednesday that it has extended by 253 days the concession of the Galata natural gas exploration block held by Petroceltic and Petroceltic Bulgaria.

The extension was justified by a force majeure event at the end of 2017, which suspended operations at the gas field until October 2018, the government said in a statement following its weekly meeting. Petroceltic has 100% interest in three producing gas fields and one field under development in the Galata exploration block, which is located in shallow water, in the Bulgarian sector of the Black Sea.

Bulgaria awarded a 25-year concession of the Galata exploration block to Petroceltic in 2001.

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