Bulgaria to Probe Local Co Lederbel BG’s Oil, Gas Drilling Permit

Bulgaria to Probe Local Co Lederbel BG’s Oil, Gas Drilling Permit

Bulgaria's Public Financial Inspection Agency will probe local company Lederbel BG's five-year permit to drill for oil and natural gas in the Black Sea, the energy ministry said.

If the agency determines that the company does not meet the requirements to hold the permit, it will forward the case to the prosecuting magistracy, the ministry said in a statement quoting energy minister Delyan Dobrev.

"Lederbel BG can prove neither its experience nor its financial capacity, yet it commits to research one of the biggest blocks in the Black Sea," Dobrev said, adding that the company has just 1,000 levs ($666/511 euro) in its bank account and 5,000 levs in registered capital.

Lederbel BG won a five-year permit to drill for oil and natural gas in the Black Sea in January. The permit area covers some 7,000 square kilometers in the southeastern 1-14 Silistar block.

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