Table of Contents
Executive Summary — 7 SWOT
Analysis — 9 Bulgaria Political
SWOT — 9 Bulgaria Economic SWOT — 10
Bulgaria Business Environment SWOT — 11 Bulgarian Energy
Market Overview — 12 Global Oil Market
Outlook — 15 Storing Up Trouble — 15
Revised Forecasts — 17 Global Oil Market
Review — 19 One-Way Traffic — 19
Table: Global Oil Consumption (000b/d) — 22 12-Month
Demand Outlook — 22 Table: Global Oil Production
(000b/d) — 23 12-Month Supply
Outlook — 24 Longer-Term Supply And
Demand — 24 Oil Price Assumptions — 25
Table: Crude Price Assumptions 2008/2009 — 26 Table: Oil
Price Forecasts — 26 Global Oil Products Price
Outlook — 27 Table: Oil Product Price Assumptions 2009
(US$/bbl) — 30 Table: Oil Product Price Forecasts
(US$/bbl) — 31 Global Oil Products Market
Review — 32 Regional Energy Market
Overview — 37 Oil Supply And
Demand — 37 Table: Central/Eastern Europe Oil Consumption
(000b/d) — 38 Table: Central/Eastern Europe Oil Production
(000b/d) — 39 Oil: Downstream — 40
Table: Central/Eastern Europe Oil Refining Capacity
(000b/d) — 40 Gas Supply And
Demand — 41 Table: Central/Eastern Europe Gas Consumption
(bcm) — 41 Table: Central/Eastern Europe Gas Production
(bcm) — 42 Liquefied Natural Gas — 43
Table: Central/Eastern Europe LNG Exports/(Imports)
(bcm) — 43 Business Environment
Ranking — 44 Central/Eastern Europe
Region — 44 Composite Scores — 44
Table: Regional Upstream Business Environment Rating — 45
Table: Regional Downstream Business Environment
Rating — 46 Upstream Scores — 46
Downstream Scores — 47 Bulgaria Upstream Rating –
Overview — 47 Bulgaria Upstream Rating – Potential
Returns — 47 Bulgaria Upstream Rating – Risks to
Potential Returns — 47 Bulgaria Downstream Rating –
Overview — 48 Bulgaria Downstream Rating – Potential
Returns — 48 Bulgaria Downstream Rating – Risks to
Potential Returns — 48 Business
Environment — 49 Legal Framework — 49
Infrastructure — 50 Labour Force — 51
Foreign Investment Policy — 52 Tax
Regime — 53 Industry Forecast
Scenario — 55 Oil and Gas
Reserves — 55 Oil Supply and
Demand — 55 Gas Supply and Demand — 55
Refining and Oil Products Trade — 57 Revenues/Import
Costs — 58 Table: Bulgaria Oil & Gas – Historical
Data & Forecasts — 59 Other
Energy — 60 Table: Bulgaria Other Energy –
Historical Data & Forecasts — 60 Key Risks To BMI’s
Forecast Scenario — 61 Long-Term Oil & Gas
Outlook — 61 Macroeconomic
Outlook — 62 Table: Bulgaria - Economic
Activity,2006-2013 — 65 Competitive
Landscape — 66 Executive Summary — 66
Table: Key Players Bulgarian Oil & Gas Sector — 67
Overview/State Role — 67 Table: Key Upstream
Players — 69 Table: Key Downstream
Players — 69 Company Monitor — 70
Lukoil Neftekhim — 70 Oil & Gas Exploration & Production
plc — 73 Petrol AD — 75 OMV
Bulgaria — 77 Shell Bulgaria — 79
Eko-Elda Bulgaria — 81 Melrose
Resources — 83 Anschutz/Ramco –
Summary — 86 Direct Petroleum Exploration –
Summary — 86 JKX Oil & Gas/Aurelian Oil & Gas –
Summary — 86 Opet – Summary — 86
Prista – Summary — 87 Glossary of
Terms — 88 Oil & Gas Ratings: Revised
Methodology — 89 Introduction — 89
Ratings Overview — 89 Table: BMI Oil & Gas Business
Environment Ratings: Structure — 90
Indicators — 91 Table: BMI Oil & Gas Business Environment
Upstream Ratings: Methodology — 91 Table: BMI Oil & Gas
Business Environment Downstream Ratings: Methodology — 92
Oil & Gas Outlook: Long-Term Forecasts — 94 Global Oil
Demand — 94 Table: Global Oil Demand
(000b/d) — 94 Table: Global Oil Production
(000b/d) — 95 Global Oil Supply — 95
Global Gas Demand — 96 Table: Global Gas Demand
(bcm) — 96 Global Gas Supply — 96
Table: Global Gas Production (bcm) — 97 Regional Oil
Demand — 98 Table: CEE Oil Consumption
(000b/d) — 98 Regional Oil Supply — 99
Table: CEE Oil Production (000b/d) — 99 Regional Refining
Capacity — 100 Table: CEE Oil Refining Capacity
(000b/d) — 100 Regional Gas
Demand — 101 Table: CEE Gas Consumption
(bcm) — 101 Regional Gas Supply — 102
Table: CEE Gas Production (bcm) — 102 Bulgaria Country
Overview — 102 Methodology & Risks To
Forecasts — 103 BMI Forecast
Modelling — 104 How we generate our industry
forecasts — 104 Energy Industry — 105
Cross checks — 105 Sources — 105
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