Table of Contents
Executive Summary — 7 SWOT
Analysis — 9 Bulgaria Political
SWOT — 9 Bulgaria Economic SWOT — 10
Romania Business Environment SWOT — 11 Bulgarian Energy
Market Overview — 12 Regional Energy Market
Overview — 15 Oil Supply & Demand — 15
Table: Central/Eastern Europe Oil Consumption
(000b/d) — 16 Table: Central/Eastern Europe Oil Production
(000b/d) — 17 Oil: Downstream — 18
Table: Central/Eastern Europe Oil Refining Capacity
(000b/d) — 18 Gas Supply & Demand — 19
Table: Central/Eastern Europe Gas Consumption (bcm) — 19
Table: Central/Eastern Europe Gas Production (bcm) — 20
Liquefied Natural Gas — 21 Table: Central/Eastern Europe
LNG Exports/(Imports) (bcm) — 21 Business Environment
Ranking — 22 Central/Eastern Europe
Region — 22 Composite Scores — 22
Table: Regional Upstream Business Environment Rating — 23
Table: Regional Downstream Business Environment
Rating — 24 Upstream Scores — 24
Downstream Scores — 25 Bulgaria Upstream Rating –
Overview — 25 Bulgaria Upstream Rating – Potential
Returns — 25 Bulgaria Upstream Rating – Risks to
Potential Returns — 25 Bulgaria Downstream Rating –
Overview — 26 Bulgaria Downstream Rating – Potential
Returns — 26 Bulgaria Downstream Rating – Risks to
Potential Returns — 26 Business
Environment — 27 Legal Framework — 27
Infrastructure — 28 Labour Force — 29
Foreign Investment Policy — 30 Tax
Regime — 31 Security Risk — 32
Industry Forecast Scenario — 33 Oil and Gas
Reserves — 33 Oil Supply and
Demand — 33 Gas Supply and Demand — 33
Refining and Oil Products Trade — 35 Revenues/Import
Costs — 36 Table: Bulgaria Oil & Gas – Historical
Data & Forecasts — 36 Other
Energy — 37 Table: Bulgaria Other Energy –
Historical Data & Forecasts — 37 Key Risks To BMI’s
Forecast Scenario — 37 Long-Term Oil & Gas
Outlook — 38 Macroeconomic
Outlook — 39 Table: Bulgaria – Economic Activity,
2006 – 2013 — 41 Competitive
Landscape — 42 Executive Summary — 42
Table: Key Players Bulgarian Oil & Gas Sector — 43
Overview/State Role — 43 Table: Key Upstream
Players — 45 Table: Key Downstream
Players — 45 Company Monitor — 46
Lukoil Neftekhim — 46 Oil & Gas Exploration & Production
plc — 49 Petrol AD — 51 OMV
Bulgaria — 53 Shell Bulgaria — 55
Eko-Elda Bulgaria — 57 Melrose
Resources — 59 Bulgargaz –
Summary — 62 Direct Petroleum Exploration –
Summary — 62 JKX Oil & Gas/Aurelian Oil & Gas –
Summary — 62 Opet – Summary — 63
Prista – Summary — 63 Glossary of
Terms — 64 Oil & Gas Ratings: Revised
Methodology — 65 Introduction — 65
Ratings Overview — 65 Table: BMI Oil & Gas Business
Environment Ratings: Structure — 66
Indicators — 67 Table: BMI Oil & Gas Business Environment
Upstream Ratings: Methodology — 67 Table: BMI Oil & Gas
Business Environment Downstream Ratings: Methodology — 68
Oil & Gas Outlook: Long-Term Forecasts — 70 Regional Oil
Demand — 70 Table: CEE Oil Consumption
(000b/d) — 70 Regional Oil Supply — 71
Table: CEE Oil Production (000b/d) — 71 Regional Refining
Capacity — 72 Table: CEE Oil Refining Capacity
(000b/d) — 72 Regional Gas Demand — 73
Table: CEE Gas Consumption (bcm) — 73 Regional Gas
Supply — 74 Table: CEE Gas Production
(bcm) — 74 Bulgaria Country
Overview — 74 Methodology & Risks To
Forecasts — 75 BMI Forecast
Modelling — 76 How we generate our industry
forecasts — 76 Energy Industry — 77
Cross checks — 77 Sources — 77
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