Bulgaria Needs Different Sources for Gas Price Drop

Bulgaria Needs Different Sources for Gas Price Drop

The price of natural gas might drop by 16% but only if Bulgaria managed to diversify its sources, according to the Balkan and Black Sea Oil and Gas Association.

"However, for the next price period from October 1, 2010, the natural gas price should increase by 3%, according to data from the state supplier Bulgargaz," Valentin Kanev, head of the association said Monday.

In his words, if Bulgaria diversifies its sources for natural gas, it is possible for the price to go down by 16%.

"In order for this to happen, however, the country needs to build connections with Turkey and Greece and to include the quantity of natural gas,expected to be derived from the Bulgarian Black Sea coast by British oil and gas explorer Melrose Resources," Kanev said, explaining that the country also need to take advantage of the trade of natural gas on the spot markets.

The head of the association has also expressed his belief that diversification of sources is possible to happen because "in 2-3 years we could build the connections with Greece and Turkey".

He added that the natural gas field in the Bulgarian Black Sea shelf had enough gas to derive.

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