11-04-00 Bulgaria granted permission to a US company to prospect for oil and gas in the Balkan country for three years. Anschutz Overseas, based in Denver, Colo., is allowed to explore an area of 1,831 square miles along the northern slopes of the Balkan mountain range, which crosses central Bulgaria from east to west.
Small deposits of oil and gas were found in the area decades ago. No major oil and gas fields have been discovered so far in Bulgaria. The most recent prospecting has been done along the country's northern Black Sea coast. All prospecting costs will be covered by Anschutz, the report said.
The contract will be extended up to 4 years if an oil and gas field is located. If it proves to be a commercial-grade field, Anschutz will receive a concession to exploit it, the report said.