Bulgaria allows consortium to explore for oil and gas reserves

The Bulgarian government has given three companies the rights to explore the reserves of oil and natural gas in the "Provadia" block in north-eastern Bulgaria.
Overgas, Balkan Explorers (Bulgaria) and JKX Bulgaria, were announced as the three companies that will jointly explore the reserves over an area of 1,787 sq km.

The cost of exploratory work within the 3-year permit is expected to exceed EUR 14.5 mm, the government press office said.
Overgas will hold a 64 % share in the consortium with Balkan Explorers (Bulgaria) and JKX Bulgaria holding 18 % each.