Boston, MA -- (SBWIRE) -- 06/25/2014 -- The Bulgarian business environment remains challenging , suffering from high levels of corruption and inefficiency , while a moratorium on hydraulic fracturing remains in place . Bulgaria's oil sector is uninspiring with limited new activity and a continued decline in domestic production. Upside in Bulgaria's oil and gas sector comes from the USD 1. 5 bn investment to upgrade the Neftochim refinery which will add a 50,000 barrel per day vacuum distillation unit , and from the natural gas sector which is looking increasingly positive. New gas projects being brought online both on and offshore will add to domestic output, as well as growing prospects from offshore seismic projects.

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The main trends and developments in Bulgaria's oil and gas sector are:

- In September 2013, PetroCeltic successfully completed the tie-back of the Kaliakra-1 well to the Galata production platform. The addition of the Kaliakra tie-back will boost gas production to just over 500mn cubic metres (Mcm) in 2013. The offshore East Kavarna field is planned to be brought on stream in 2015, further adding to gas production growth. We anticipate production to reach 800Mcm by 2017.In January 2014, TransAtlantic Petroleum announced the continuation of drilling at the Deventci-R2 well in the Koynare concession. Sales of gas from the well are expected from 2014, with the wider area helping Bulgaria to continue year-on-year growth of domestic gas production through to 2016. Further 3D seismic to study structures of the Koynare fault trend is also due for 2014.

- Further upside to Black Sea potential could be gained in the Khan-Asparuh block, to the South of Romania's successful Neptun block. In late 2013, OMV, Total and Repsol completed the largest 3D seismic survey ever in the Black Sea. Data is now being analysed, with Total due to operate any potential drilling programme.

- Despite growing interest in the Black Sea, it has not all been positive. The tender for the...

The Bulgaria Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for Bulgaria including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Bulgaria Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Bulgarian oil and gas industry.

Key Benefits

- Benchmark BMI's independent oil and gas industry forecasts for Bulgaria to test consensus views - a key input for successful budgeting and strategic business planning in the Bulgarian oil and gas market.
- Target business opportunities and risks in the Bulgarian oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Bulgaria.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI's key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.

Regional Overview

Regional perspective on size and value of industry sector; comparative rankings by production, refining, imports and exports of oil, gas and LNG.

Business Environment Ratings

BMI's Oil and Gas Business Environment Ratings provide a country-comparative Risk-Reward Ratings index aimed at investors (independents, NOCs, IOCs and oil services companies) in the upstream and downstream markets.

The ratings methodology makes sophisticated use of more than 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Ratings products.

Oil Market Outlook and Oil Products Outlook

Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2018 for oil, gas and oil products

BMI Industry Forecasts

Historic data series and forecasts to end-2018 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:

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