Sputnik: Bulgaria to Look for Offshore Oil, Gas in Black Sea

Bulgaria will start prospecting for offshore oil and gas in the Black Sea early next year, Prime Minister Boiko Borisov announced on Sunday.

The Bulgarian Premier had in mind the Han Asparuh deep sea block America’s ExxonMobil, French Total and British Melrose all vied to explore in 2012.

Boiko Borisov complained that his country was spending about $7 billion annually to buy oil derivatives and natural gas abroad while leaving its own deposits untouched.

Sofia is taking a cue from Romania, which earlier tapped its Black Sea hydrocarbon reserves and now imports a mere 10 percent of its overall fuel consumption.

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