Country profile: Bulgaria

Location:

Southeastern Europe, bordering the Black Sea, between Romania and Turkey

Climate:

temperate; cold, damp winters; hot, dry summers

Terrain:

mostly mountains with lowlands in north and southeast

Size:

110910 sq. km total (Land area: 110550 sq. km Water area: 360 sq.km)

Population:

7,262,675 (July 2008 est.)

Languages:

Bulgarian 84.5%, Turkish 9.6%, Roma 4.1%, other and unspecified 1.8% (2001 census)

Government:

parliamentary democracy

Capital city:

Sofia

Legal system:

civil and criminal law based on Roman law; accepts compulsory ICJ jurisdiction with reservations

Currency:

lev (BGL)

Licensing:

Country profile

The Bulgars, a Central Asian Turkic tribe, merged with the local Slavic inhabitants in the late 7th century to form the first Bulgarian state. In succeeding centuries, Bulgaria struggled with the Byzantine Empire to assert its place in the Balkans, but by the end of the 14th century the country was overrun by the Ottoman Turks. Northern Bulgaria attained autonomy in 1878 and all of Bulgaria became independent from the Ottoman Empire in 1908. Having fought on the losing side in both World Wars, Bulgaria fell within the Soviet sphere of influence and became a People's Republic in 1946. Communist domination ended in 1990, when Bulgaria held its first multiparty election since World War II and began the contentious process of moving toward political democracy and a market economy while combating inflation, unemployment, corruption, and crime. The country joined NATO in 2004 and the EU in 2007.

The countries of Southeastern Europe - Romania, Bulgaria, and Moldova-- have had problems transitioning from centrally planned economies to market-based economies. Both Bulgaria and Romania were significantly affected by the economic embargo placed on Yugoslavia in the 1990s, suffering billions of dollars in GDP losses due to disrupted trade, transport, and investment. While Moldova was less affected economically by the wars in the former Yugoslavia, its own civil war began soon after its independence, paralysing the country's already stagnant economy. Armed conflict has subsided, but Russian settlers and Moldova’s on the left bank of the Dints River still maintain the secessionist Transdnistrian Republic, created when the fighting reached a stalemate.

Both Romania and Bulgaria joined the North Atlantic Treaty Organization (NATO) in March 2004 and aspire to membership in the European Union (EU). Romania concluded energy negotiations necessary for EU membership in June 2004, and in October 2004, the European Commission (EC) designated Romania a “functioning market economy,” another prerequisite for EU membership. In February 2005, Bulgaria announced that its energy sector was 66 percent privatized in accordance with EU directives. Both Romania and Bulgaria are working with the International Monetary Fund (IMF) to bolster their economies, showing solid real gross domestic product (GDP) growth rates in 2005 of 4.1 percent in Romania and 5.5 percent in Bulgaria. Unlike Romania and Bulgaria, Moldova is not currently being offered EU membership and has only received an Action Plan within the European Neighbourhood Policy (ENP). Implementation of the EU-Moldova Plan will require a modernization of the economy and a more welcoming environment for investment and business. Since privatization was initiated in 2000, Moldova’s GDP has continued to increase, with GDP growth of 7.1 percent in 2005. Despite the rapid growth of recent years, Moldova remains one of the poorest countries in Europe.

Energy production and consumption

Oil

Gas

Production:

3,661 bbl/day (2005 est.)

407,000 cu m (2005 est.)

Consumption:

108,000 bbl/day (2005 est.)

5 cu m (2005 est.)

Exports:

51,000 bbl/day (2005 est.)

cu m (2005 est.)

Imports:

138,800 bbl/day (2004 est.)

5 cu m (2005 est.)

Reserves:

15 million bbl (1 January 2006 est.)

5 billion cu m (1 January 2006 est.)

Major fields:

Bulgaria - recent news

15 Apr 26	Bulgaria: Vestas receives 70 MW order from Tessa Green Energy to deliver more wind energy in Bulgaria Vestas has received a 70 MW order from Tessa Green Energy to supply 11 EnVentus V162-6.4 MW wind turbines for the Strazhitsa wind project in Bulgaria. The Strazhitsa wind farm represents a significant milestone for the revival of Bulgaria’s wind energy sector.
01 Apr 26	Bulgaria: Update on Krum-1 exploration well on Han Asparuh Block, offshore Bulgaria OMV Petrom has announced the completion of drilling operations at the Krum-1 exploration well, the second exploration well drilled in the Han Asparuh Block, offshore Bulgaria. The well reached planned depth of approx. 3,500 meters, but did not encounter significant gas volumes.
12 Mar 26	Bulgaria: OMV Petrom joins Shell and TPAO in an offshore exploration project in Bulgaria OMV Petrom, the largest integrated energy producer in Southeast Europe, has announced its entry into the exploration consortium for the Han Tervel offshore block in the Bulgarian Black Sea. OMV Petrom will hold a 25% stake in the project, joining operator Shell (42%) and Türkiye Petrolleri A.O. (TPAO) subsidiary Turkish Petroleum Overseas Company Limited (TPOC) (33%).
04 Feb 26	Bulgaria: NewMed Energy provides an update on an exploration well in the Vinekh prospect in Block 1-21 Han Asparuh, offshore Bulgaria NewMed Energy has provided an update on an exploration well in the Vinekh Prospect, located in Block 1-21 Han Asparuh, offshore Bulgaria, in the Black Sea.
25 Jan 26	Bulgaria: State-owned Bulgarian Energy Holding enters the Han Asparuh exploration joint venture The Bulgarian State, through Bulgarian Energy Holding (BEH), has entered the Han Asparuh offshore exploration joint venture in the Bulgarian Black Sea, with a 10% interest.