SOFIA (Bulgaria), February 16 (SeeNews) - U.S.-based oil and gas exploration company Direct Petroleum Exploration Inc. (DPE) has found six billion cubic metres of natural gas in the Deventci well in northern Bulgaria, local media reported on Monday.
DPE is starting industrial tests to determine the qualities of the reservoir and confirm some of the preliminary estimates of the well's potential, Business daily Dnevnik (www.dnevnik.bg) quoted the company’s president Edward Gandelman as saying.
The high-caloric gas was found at 4,100 metre depth and contains 95% methane and high content of condensate, which will be sold to the country’s sole refinery Lukoil Neftochim, owned by Russia’s Lukoil, Gandelman also said.
The company plans to start extracting gas in the middle of 2010. It also plans to apply for concession and start talks with gas monopoly Bulgargaz on the sale of the gas.
The Deventci well, near the town of Cherven Bryag, is highly prospective and could meet up to half of the domestic demand in the next two or three years, Dnevnik reported, quoting unnamed sources from the Economy and Energy Ministry.
A 25-kilometre gas pipeline hooking up the gas discovery with the country’s gas transmission system is due to be built, the daily wrote.
DPE started exploration of the Deventci field five years ago, investing $50 million (39.1 million euro) in geological research and infrastructure.
The company has four oil and gas licences in Bulgaria.
Bulgaria imports from Russia almost all the gas it needs.
DPE is a privately-held company based in Denver, Colorado with operations in Bulgaria, Morocco, Russia and the United States.
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