Bulgaria is a net oil importer and produces negligent quantities of oil. Bulgaria's geographic location on the Black Sea gives it the ability to serve as a transit route for Caspian Sea oil exports headed to European refineries, as well as a transit point for Russian gas exports to Turkey. Oil is imported through Bulgaria's main port at Burgas, where both the oil terminal and refinery are connected by pipeline to several Bulgarian cities.
According to the 2008 BP Statistical Energy Survey, Bulgaria consumed an average of 120.13 thousand barrels a day of oil in 2007, 0.13% of the world total and a change from 2006 of 0.23 tbpd. Bulgaria had 2007 natural gas consumption of 3.09 billion cubic metres, 0.1% of the world total.
Bulgarian oil and gas exploration occurs predominately in the northern part of the country and the Black Sea. In January 2005, the Bulgarian government offered the offshore Shabla block in the northern Black Sea shelf under a three-year exploration license. Potential reserves are expected at 200 million barrels. Interest in exploration around Pleven on the Bulgarian-Romanian border has also increased. Melrose Resources (Melrose) began its latest offshore Bulgarian oil and gas search in September 2004. In December 2004, the IMF earmarked $25 million for Melrose's exploration in Bulgaria and Egypt and in 2006, Melrose recieved an extension of its permit for the offshore block Emine, and also signed a 25-year concession agreement to develop the Galata offshore field, which has estimated reserves of 53 Bcf.
Bulgaria’s biggest oil refiner is Lukoil’s Neftochim.
