Bulgarian subsidiary of oil and gas company Petroceltic and natural gas trader Dexia Bulgaria ended their cooperation in 2017 over a legal dispute. Petroceltic announced that it has signed a new long-term gas supply contract with natural gas trader Dexia Bulgaria.
The statement from the company said that it considers that the allegations regarding Dexia Bulgaria’s unfair practices, made by the company in November 2017, were unfounded and not based on specific data. However, Bulgarian media report that this statement is part of an out-of-court settlement of a commercial dispute between the two companies.
Last month, Bulgarian Government extended the concession of the Galata offshore natural gas exploration block held by Petroceltic by 253 days. The extension was justified by a force majeure event at the end of 2017, which suspended operations at the gas field until October 2018. Petroceltic has 100 % interest in three producing gas fields and one field under development in the Galata exploration block, which is located in shallow water, in the Bulgarian sector of the Black Sea. 25-year concession has been awarded to Petroceltic in 2001.