Bulgaria Grants Dublin-based Moesia Oil and Gas Four Exploration Permits

Bulgaria Grants Dublin-based Moesia Oil and Gas Four Exploration Permits

Bulgaria's government granted Dublin-based petroleum exploration and production company Moesia Oil and Gas four five-year permits to explore for oil and gas in the country's north.

The permits cover four blocks in the regions of Vratsa, Montana, Lovech, Pleven and Gabrovo, in northwestern and north central Bulgaria, the government said in a statement following a regular weekly meeting on Wednesday.

Moesia Oil and Gas has pledged to invest 9.3 million euro ($12.1 million) in exploration activities and another 125,000 euro in environmental measures during the contracts' five-term term.

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