Shale Gas to Win Bulgaria's Energy Independence - Minister

The shale gas resources in Bulgaria could greatly improve the country's energy independence and would create a new alternative for its gas needs, Bulgarian Economy and Energy Minister, Traicho Traikov, declared.

"As far as shale gas is concerned, the global markets are changing," the Bulgarian Minister pointed out. "It is crucial that the shale gas extraction technologies are environmentally safe."

The Minister also pointed out Bulgaria is putting efforts into diversifying Bulgaria's gas imports, including through the South Gas Corridor.

Traikov spoke during a Conference entitled "Shale Gas: Managing Europe's Emerging Resource" at the Copernicus Science Center in Warsaw. Poland, which hosted the conference has an estimated 5 billion cubic meters off gas, according to experts, and is said to have the prospects of becoming the pioneer in Europe's shale gas exploration.

In September Direct Petroleum, a US-based small oil and gas company with a Bulgarian subdivision, announced the first two discoveries of shale gas in Bulgaria. Both are located in the central northern part of the country. One of them, located near the town of Etropole, is believed to be of considerable size.

The total amount of Bulgaria's shale gas resources has been initially estimated at some 300 million cubic meters.

Until now, interest towards Bulgaria's shale gas has also been shown by the US companies Chevron , Integrity Towers and BNK Petroleum.

Shale gas had led to an important transformation of the natural gas market. Since the mid-00s, American shale gas production has been on dramatic rise.