Bulgaria's Mizia Oil and Gas to Conduct Oil, Gas Exploration at 4 Blocks

Bulgaria's Mizia Oil and Gas company has obtained the right to conduct prospecting and exploration of oil and natural gas at Block 1-5 Devetaki, Block 1-7 Tarnak, Block 1-9 Mizia, and Block 1-10 Botevo.

Mizia Oil and Gas received the oil and gas prospecting license after Bulgaria's government approved the proposal for the transfer of rights from the current holder, Moesia Oil and Gas, according to the government's press office.

The four exploration blocks are located on the territory of the districts of Lovech, Pleven, Gabrovo, Vratsa, and Montana.

The possibility for the transfer of rights and obligations under a granted prospecting and exploration permit is provided for in Article 25, Para. 1 of the Underground Resources Act.

Bulgaria's Energy Minister Temenuzhka Petkova will sign additional agreements under the oil and gas exploration contracts signed in May 2013.

In a separate decision adopted on Wednesday, Bulgaria's government launched procedures for awarding concessions for four Black Sea beaches, including the "Kozluka" beach in the Nesebar Municipality, the "Sozopol - Budzhaka" beach , and the "SBA" and "Ikantalaka-2" beaches in the Kavarna Municipality.

The proposed concession period is 15 years.

The procedures are held under the Black Sea Coast Spatial Planning Act.

The concessions will be awarded on the basis of the results of a competition organized by the Regional Development Minister and carried out by a commission appointed by the Prime Minister.