Gulf Oil and Gas accountACCOUNT

Bulgaria Cancels Chevron Shale Gas Permit

Source: Reuter 1/17/2012, Location: Europe

Share |
The Bulgarian government, preparing a full ban on shale gas drilling due to environmental concerns, on Tuesday cancelled a exploration permit for the unconventional energy source that it granted to U.S. energy major Chevron in June. The centre-right government decided Chevron can still prospect for oil and gas in northeastern Bulgaria but only by using conventional drilling techniques and not hydraulic fracturing, which involves injecting water mixed with sand and chemicals at high pressure into shale formations.

"The idea is that they can still have the right to test for oil and gas, but without using the controversial technology hydraulic fracturing," Economy and Energy Minister Traicho Traikov told reporters after a cabinet meeting.

Traikov said Chevron had not been informed and talks with the company were pending. The decision comes a day before the parliament debates a total ban on hydraulic fracturing, or fracking, in the Balkan country and its Black Sea territorial waters - a proposal drafted by the ruling GERB party which is expected to be passed. The government in June granted a 5-year permit to Chevron to prospect for shale gas at the 4,400-square-km Novi Pazar field for which initial estimates, based on similar rock formations, showed potential reserves of between 300 billion and 1 trillion cubic meters of shale gas.

Shale Gas News in Bulgaria >>

Austria >>  9/24/2016 - Demand for OPEC crude for 2016 was revised down by 0.2 mb/d to stand at 31.7 mb/d, representing an increase of 1.7 mb/d from the previous year. Within...
Switzerland >>  9/21/2016 - NKT Cables is acquiring ABB’s global high-voltage cable system business with a total enterprise value of 836 million euros (US$934 million). High volt...

Austria >>  9/17/2016 - Preliminary data for July shows that total OECD commercial oil stocks fell by 2.1 mb to stand at 3,091 mb. At this level, OECD commercial oil stocks w...
Austria >>  9/14/2016 - Demand for OPEC crude for 2017 was revised down by 0.5 mb/d from the August MOMR, representing an increase of 0.8 mb/d over 2016, to average 32.5 mb/...

Austria >>  9/12/2016 - Crude Oil Price Movements
The OPEC Reference Basket rose 42˘ to $43.10/b in August. ICE Brent ended up 62˘ at $47.16/b, while NYMEX WTI w...

Austria >>  9/12/2016 - The trend of the past years’ moderate global growth is likely to continue in both 2016 and 2017. World GDP growth now is forecast at 2.9% for 2016 an...

Related Categories: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


Bulgaria Oil & Gas 1 >> 

More News

 

Oil & Gas Companies in Bulgaria >>


Related Links

00 AL AT BE BG CH CY CZ DE DK ES FI FR GR HR HU IE IT MT NL NO PL PT RO SE SI TR UK
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.