Bulgaria Oil and Gas Report

 Published On: Sep, 2016 |    No of Pages: 68 |  Published By: BMI Oil and Gas | Format: PDF
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BMI View: Improvements in the refining sector have boosted refined fuels production, though 2016 is proving to be tougher with margins expected to drop. The restart of exploration in the Black Sea is positive for Bulgaria's oil and gas sector, which has suffered from heavy production declines in 2015. The main trends and developments in Bulgaria's oil and gas sector are:

-Total has started drilling in the Black Sea Khan-Asparuh block in mid-2016.

Results are expected by the autumn of 2016.

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

-Gasoline and diesel production increased over 20% in 2015 following the completion of Lukoil's new heavy residue complex.

-Gasoline and diesel consumption increased around 3-4% over 2015, supported by low prices.

-A much-delayed 25km reverse flow interconnector gas pipeline between Romania and Bulgaria will come online this year. The pipeline will have maximum capacity of 1.5bcm per year in the Bulgaria-Romania direction, and 0.5bcm capacity in the reverse direction.
BMI Industry View ............... 7
Table: Headline Forecasts (Bulgaria 2014-2020)............7
SWOT .... 8
Oil & Gas SWOT ....... 8
Industry Forecast 9
Upstream Exploration 9
Latest Updates ......... 9
Structural Trends ..... 9
Upstream Production - Oil ........ 11
Latest Updates ....... 11
Structural Trends ... 11
Table: Oil Production (Bulgaria 2014-2019)............. . . 12
Table: Oil Production (Bulgaria 2020-2025)............. . . 12
Upstream Production - Gas ....... 13
Latest Updates ....... 13
Structural Trends ... 13
Table: Gas Production (Bulgaria 2014-2019)............. . . 15
Table: Gas Production (Bulgaria 2020-2025)............. . . 15
Refining . 16
Latest Updates ....... 16
Structural Trends ... 16
Table: Refining Capacity And Refined Products Production (Bulgaria 2014-2019)........ . . 18
Table: Refining Capacity And Refined Products Production (Bulgaria 2020-2025)........ . . 18
Refined Fuels Consumption ....... 19
Latest Updates ....... 19
Structural Trends ... 19
Table: Refined Products Consumption (Bulgaria 2014-2019)........... . 20
Table: Refined Products Consumption (Bulgaria 2020-2025)........... . 21
Gas Consumption .... 21
Latest Updates ....... 21
Structural Trends ... 21
Table: Gas Consumption (Bulgaria 2014-2019)............22
Table: Gas Consumption (Bulgaria 2020-2025)............23
Trade - Oil ............. 23
Latest Updates ....... 23
Crude Oil ............. 23
Table: Crude Oil Net Exports (Bulgaria 2014-2020)............ . . 24
Table: Crude Oil Net Exports (Bulgaria 2020-2025)............ . . 25
Refined Fuels ........ 25
Table: Refined Fuels Net Exports (Bulgaria 2014-2019)........... . . . . . . 26
Table: Refined Fuels Net Exports (Bulgaria 2020-2025)........... . . . . . . 27
Trade - Gas (Pipeline And LNG) 27
Latest Updates ....... 27
Structural Trends ... 27
Table: Gas Net Exports (Bulgaria 2014-2019)............. . 29
Table: Gas Net Exports (Bulgaria 2020-2025)............. . 29
Industry Risk Reward Index ............. 30
Central And Eastern Europe Oil & Gas Risk/Reward Index ............. 30
Table: CEE: High Risk, Low Reward.............. . . . 30
Table: CEE Upstream, Downstream And Overall Risk/Reward Indices.........31
Table: CEE Upstream Risk/Reward Index............. . . . . . . 34
Downstream: Turkish STAR Only Bright Spot In Weak Market ....... 34
Table: CEE Downstream Risk/Reward Index............. . . 37
Bulgaria - Risk/Reward Index .... 38
Market Overview ............... 40
Bulgaria Energy Market Overview .............. 40
Regulatory Structure ............... 40
Fiscal Regime ........ 41
Table: Bulgaria Petroleum Taxes..............41
Licensing Rounds ... 41
Oil & Gas Infrastructure ........... 42
Oil Refineries ........ 42
Table: Refineries In Bulgaria............... . . 42
Service Stations ..... 42
Table: Major Fuel Retailers In Bulgaria.............42
Oil Storage Facilities .............. 43
Oil Terminals/Ports 43
Gas Storage Facilities ............. 43
Gas Pipelines ........ 43
Competitive Landscape .... 46
Competitive Landscape Summary .............. 46
Table: Key Players In The Bulgarian Oil And Gas Sector........... . . . . . 47
Table: Key Upstream Players............... . . 47
Table: Key Downstream Players..............47
Company Profile 48
Lukoil Neftekhim ..... 48
Table: Key Financial Data (USD).............. . . . . . . 49
Shell Bulgaria ......... 50
Table: Major Upstream Assets In Bulgaria............. . . . . 51
Key Financial Data (USD) ....... 51
Total ..... 52
Table: Major Upstream Assets In Bulgaria............. . . . . 52
Table: Key Financial Data (USD).............. . . . . . . 53
Regional Overview ............ 54
Central And Eastern Europe Oil & Gas Regional Overview ............. 54
Oil Production: Oil Powerhouses Falter On Weak Prices .............. 54
Oil Consumption: Short-Term Weakness As Russia Struggles ......... 55
Refining Capacity: Modernisation Key To Competing ... 56
Natural Gas Production: Gas Ramp-Up Demand-Dependent ......... 57
Table: Central Asia-China Gas Pipeline Expansions............ . . 58
Gas Consumption: Demand Falters On Struggling Economies ........ 59
Table: Central & Eastern Europe Oil & Gas Production & Consumption, Refining Capacity & Trade..... . . . . . . 60
Glossary ............. 61
Table: Glossary Of Terms............... . . . . . . 61
Methodology ...... 63
Industry Forecast Methodology 63
Source . 65
Risk/Reward Index Methodology ............... 65
Table: Bmi's Oil & Gas Upstream Risk/Reward Index............ . 67
Table: Weighting................68
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