DSC_0047

Background

Petroceltic has a 100% operated interest in three producing gas fields and one field underdevelopment in the Galata Exploration Block, which is located in shallow water, in the Bulgarian sector of the Black Sea.

The producing fields were developed using an unmanned platform located on the main Galata field, to which the Kaliakra and Kavarna fields have been tied-back using subsea completions.

Production and Reserves

The combined production rate from the Galata, Kaliakra and Kavarna fields averaged 7.5 MMscf/d during 2016, of which 73% came from Galata. The gas was sold to several local utility and trading companies. At the end of 2016, estimated proven plus probable reserves were 20 Bcf.

Since the takeover by Worldview, the production in Bulgaria recorded more than 300% growth.  Petroceltic is installing a water knockout system to allow for further production enhancements.

gms2
260914-galata-area

Development

The Kavarna East field was discovered in 2010 and contains approximately 9.6 Bcf of gas reserves. The field will be developed using a single subsea well tied back to a manifold near the Kavarna field and, from there, the gas will flow to the Galata platform using the existing Kavarna flowline. As this is an existing discovery with pipeline laid, the development involves re-entry and completion of the existing well. Project execution plans are being prepared and long lead time equipment is being procured. The final tie-in work is expected to take place in 2018.