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Bulgaria Oil and Gas Report Q1 2017

  • November 2016
  • -
  • Business Monitor International
  • -
  • 72 pages

Includes 3 FREE quarterly updates


BMI View:

Improvements in the refining sector have boosted refined fuels production, though 2016 is proving to be tougher with margins expected to drop. An oil discovery by Total in the Bulgarian section of the Black Sea highlights the potential for both oil and gas exploration in the black Sea. This is a play opening move for Bulgaria and exploration will continue into 2017. The exploration outlook onshore in Bulgaria remains much more limited.

Latest Updates And Key Forecasts



- Total, along with partners OMV and Repsol, have made an oil discovery on its first exploration well in the Black Sea, the Polshkov-1 well on the Khan Asparuk licence. This is a play-opening discovery for Bulgaria, highlighting potential for the Bulgarian offshore exploration scene. Total will proceed with its second exploration well in the block and we will keep a close eye on the development.

- Shell has begun 2D and 3D seismic surveys in the Silistar offshore block in the autumn 2016 after signing an exploration agreement pledging an EUR18.6mn investment in February 2016.

- A third well (Kaliakra-3) is being planned at the Kaliakra field to maintain output, given heavy declines from Kaliakra-1.

Table Of Contents

Bulgaria Oil and Gas Report Q1 2017
BMI Industry View 7
Table: Headline Forecasts (Bulgaria 2014-2020) 7
SWOT 9
Oil and Gas SWOT 9
Industry Forecast 11
Upstream Exploration 11
Latest Updates 11
Structural Trends 11
Upstream Production - Oil 14
Latest Updates 14
Structural Trends 14
Table: Oil Production (Bulgaria 2014-2019) 15
Table: Oil Production (Bulgaria 2020-2025) 15
Upstream Production - Gas 16
Latest Updates 16
Structural Trends 16
Table: Gas Production (Bulgaria 2014-2019) 18
Table: Gas Production (Bulgaria 2020-2025) 18
Refining 19
Latest Updates 19
Structural Trends 19
Table: Refining Capacity And Refined Products Production (Bulgaria 2014-2019) 21
Table: Refining Capacity And Refined Products Production (Bulgaria 2020-2025) 21
Refined Fuels Consumption 22
Latest Updates 22
Structural Trends 22
Table: Refined Products Consumption* (Bulgaria 2014-2019) 23
Table: Refined Products Consumption* (Bulgaria 2020-2025) 23
Gas Consumption 24
Latest Updates 24
Structural Trends 24
Table: Gas Consumption (Bulgaria 2014-2019) 25
Table: Gas Consumption (Bulgaria 2020-2025) 25
Trade - Oil 26
Latest Updates 26
Crude Oil Trade Forecast 26
Table: Crude Oil Net Exports (Bulgaria 2014-2020) 27
Table: Crude Oil Net Exports (Bulgaria 2020-2025) 27
Refined Fuels Trade Forecast 27
Table: Refined Fuels Net Exports (Bulgaria 2014-2019) 29
Table: Refined Fuels Net Exports (Bulgaria 2020-2025) 30
Trade - Gas (Pipeline And LNG) 31
Latest Updates 31
Structural Trends 31
Table: Gas Net Exports (Bulgaria 2014-2019) 33
Table: Gas Net Exports (Bulgaria 2020-2025) 33
Industry Risk Reward Index 34
Central And Eastern Europe Oil and Gas Risk/Reward Index 34
Table: CEE: High Risk, Low Reward 34
Table: CEE Upstream, Downstream And Overall Risk/Reward Indices 35
Upstream: Above Ground Risks Limit Underground Potential 35
Table: CEE Upstream Risk/Reward Index 38
Downstream: Turkish STAR Only Bright Spot In Weak Market 38
Table: CEE Downstream Risk/Reward Index 41
Bulgaria - Risk/Reward Index 42
Upstream Index 42
Downstream Index 43
Market Overview 44
Bulgaria Energy Market Overview 44
Regulatory Structure 44
Fiscal Regime 45
Table: Bulgaria Petroleum Taxes 45
Licensing Rounds 45
Oil and Gas Infrastructure 46
Oil Refineries 46
Table: Refineries In Bulgaria 46
Service Stations 47
Table: Major Fuel Retailers In Bulgaria 47
Oil Storage Facilities 47
Oil Terminals/Ports 47
Gas Storage Facilities 47
Gas Pipelines 47
Competitive Landscape 50
Competitive Landscape Summary 50
Table: Key Players In The Bulgarian Oil And Gas Sector 51
Table: Key Upstream Players 51
Table: Key Downstream Players 51
Company Profile 52
Lukoil Neftekhim 52
Table: Key Financial Data (USD) 53
Shell Bulgaria 54
Table: Major Upstream Assets In Bulgaria 55
Total 56
Table: Major Upstream Assets In Bulgaria 56
Table: Key Financial Data (USD) 57
Regional Overview 58
Central And Eastern Europe Oil and Gas Regional Overview 58
Oil Production: Oil Powerhouses Falter On Weak Prices 58
Oil Consumption: Long-Term Growth To Be Gentle 59
Refining Capacity: Modernisation Key To Competing 60
Natural Gas Production: Gas Ramp-Up Demand-Dependent 61
Table: Central Asia-China Gas Pipeline Expansions 62
Gas Consumption: Demand Falters On Struggling Economies 63
Table: Central and Eastern Europe Oil and Gas Production and Consumption, Refining Capacity and Trade 64
Glossary 65
Table: Glossary Of Terms 65
Methodology 67
Industry Forecast Methodology 67
Source 69
Risk/Reward Index Methodology 69
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 71
Table: Weighting 72

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