Project Profile
Value: US$50 million
Location: Black Sea, offshore Bulgaria
Reserves: 59 billion ft³ of gas
Start-up Year: 2013
Melrose is an oil and gas company that focused in Bulgarian exploration activities. The company had 100% interests in three production concessions and one exploration license in the Black Sea, offshore Bulgaria. During 2010, the Melrose brought the Kaliakra and Kavarna gas fields on production and drilled a successful exploration well on the Kavarna East structure. The two new producing fields have combined ultimate proved plus probable reserves of 74 Bcf and will generate significant cash flow in the short to medium term. The Kavarna East discovery holds 10 Bcf of reserves and is planned for development in 2012. In 2003/2004 Melrose developed and brought on production the Galata Gas Field, which was the first offshore gas field development in Bulgaria. Melrose commissioned and installed all the required infrastructure to bring the gas to the Bulgarian domestic market. The Galata Field has excellent reservoir quality and has produced approximately 64 Bcf of gas. In early 2009, Melrose commenced a development programme to convert the Galata field to a gas storage facility.
In July 2010, the Kavarna East No.1 exploration well in the Bulgarian Black Sea had been successfully drilled. Melrose declared commerciality on Kavarna East in early December 2010 and is currently awaiting the production concession award. Given the discovery’s proximity to existing infrastructure, it will be tied back for production using a subsea completion in 2012. In addition, in late 2010, production commenced from the Kavarna and Kaliakra gas fields, both of which were developed using subsea wells tied back to the company\'s existing Galata field platform. The gas produced is being processed at the onshore gas plant near Varna and the majority of it is being sold to Bulgargaz, the state owned gas distribution company, with the balance of the gas being sold directly to a local industrial user. In 2013, Melrose Resources Petroceltic merged with Petroceltic International, with the new company continuing the successful exploration efforts in Bulgaria.
Operator:
Petroceltic International (merge with Melrose Resources in 2013): Operator with 100% interest
Contractors:
G.S.P. Engineering: GSP Prince diver support vessel