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Oil and Gas Exploration and Production Co. to drill near Kavarna
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Oil and Gas Exploration and Production Co. to drill near Kavarna

03.10.2008
Bulgarian Oil and Gas Exploration and Production Co. will spend BGN 11 million to operate a deposit near KaVarna, on the north coast, after obtaining a three-year permit.

The company will explore a 415 sq m field and be awarded a concession contract if it discovers oil and gas deposits. In 2004 it inked a concession to operate a gas field in the nearby Durankulak region and has signed contracts to explore in Pleven and Novachene.

The gas company, which is part of local industrial conglomerate Chimimport, recently changed its statutes to allow capital increases by a decision of the supervisory and management boards.

Oil and Gas Exploration and Production Co. will venture into real estate by spending nearly BGN 100 million on the construction of a golf course near Shabla, in the northeast. The municipality has made an in-kind contribution of 110 hectares to the course, which will be surrounded by one-family houses.

Source: http://news.dnevnik.bg/

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