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.
|e/f = BMI estimate/forecast. Source: BMI, JODI, EIA|
|Crude, NGPL & other liquids prod, 000b/d||1.4||1.4||1.3||1.3||1.2||1.2||1.1|
|Refined products production, 000b/d||110.8||129.7||124.7||125.3||125.9||126.6||127.2|
|Refined products consumption & ethanol, 000b/d||72.5||75.8||76.2||75.8||76.4||77.2||78.0|
|Dry natural gas production, bcm||0.2||0.1||0.1||0.1||0.1||0.1||0.1|
|Dry natural gas consumption, bcm||2.4||2.6||2.7||2.7||2.8||2.8||2.9|
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.
The Bulgaria Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Bulgaria including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI's Bulgaria Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Bulgarian oil and gas industry.
- Benchmark BMI's independent oil and gas industry forecasts for Bulgaria to test consensus views - a key input for successful budgeting and strategic business planning in the Bulgarian oil and gas market.
- Target business opportunities and risks in the Bulgarian oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Bulgaria.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
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Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.
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Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.
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