Irish firm granted oil exploration licences in Bulgaria after court battle
Dublin-based Moesia Oil and Gas, an independent oil and gas prospector, was awarded four exploration licences in Bulgaria after winning court cases against the Bulgarian Government.
Bulgaria’s Cabinet decided in April 2010 to suspend six licences awarded to the firm, arguing that the offers were incorrectly judged during the tender procedure. Moesia Oil and Gas filed lawsuits with the country’s Supreme Judiciary Court and won.
As a consequence, the Cabinet has now re-issued the licences for Botevo 1-10 block, Devetaki 1-5 block, Turnak 1-7 block and Mizia 1-9 block. A decision on the other two suspended licences, for Altimir 1-8 block and Pelovo 1-6 block, was not announced.
Moesia Oil and Gas envisions investing 9.3 million euro over a period of five years, the Cabinet’s media service said in a statement.
(Photo: Patrick Moore/sxc.hu)