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BMI View: Improvements in the refining sector have boosted refined fuels production, though 2016 is
proving to be tougher with margins expected to drop. The restart of exploration in the Black Sea is positive
for Bulgaria's oil and gas sector, which has suffered from heavy production declines in 2015.
The main trends and developments in Bulgaria's oil and gas sector are:
? Total has started drilling in the Black Sea Khan-Asparuh block in mid-2016. Results are expected by the
autumn of 2016.
? A third well (Kaliakra-3) is being planned at the Kaliakra field to maintain output, given heavy declines
? Gasoline and diesel production increased over 20% in 2015 following the completion of Lukoil's new
heavy residue complex.
? Gasoline and diesel consumption increased around 3-4% over 2015, supported by low prices.
? A much-delayed 25km reverse flow interconnector gas pipeline between Romania and Bulgaria will
come online this year. The pipeline will have maximum capacity of 1.5bcm per year in the Bulgaria-
Romania direction, and 0.5bcm capacity in the reverse direction.