Archive for December 29th, 2008
Posted on December 29, 2008 - by admin
Stig Kristoffersen asked:
International Hot Spots – The Black Sea
AAPG & AAPG European Region Energy Conference and Exhibition (November 18-21, 2007) Technical Program
I have compiled these abstracts from the AAPG conference in Athens 2007, where the Black Sea had its own sessions. Especially Bulgaria, Ukraine and Georgia were covered during the session, but also some examples from offshore and onshore Turkey were covered during these sessions. The under explored Offshore Black Sea has gained more attention the latter years since more data has been collected. Especially offshore Ukraine, several generations of 2D seismic has revealed some potential offshore until now not been discovered. However since the mid 1990’s there has been some interest due to the first generation 2D seismic and some older CCCP seismic, pre 1990’s. With this compilation we want to promote more interest for the offshore Black Sea, as we see this as an area for the future as oil and gas legislations in bounding countries mature and gets more open for international oil and gas companies, as well as investors.
Upper Jurassic Reefs of the Western Caucasus-Crimea; Hydrocarbon Implications for the Eastern Black Sea
Li Guo1, Stephen J. Vincent1, Samuel P. Rice1, and Vladimir Lavrishchev2. (1) CASP, Department of Earth Sciences, University of Cambridge, 181a Huntingdon Road, Cambridge, CB3 0DH, United Kingdom, phone: +44 1223 337068, li.guo@casp.cam.ac.uk, (2) Kavkazgeols’emka, Ul. Kislovodskaya 203, Yessentuki, Russia
Widespread Upper Jurassic reefs are important potential reservoir facies in the Eastern Black Sea Basin. Russian seismic reflection data from the northern Shatskiy Ridge indicate possible offshore reef-facies occurrences up to 1-2 km thick and 10-20 km wide. Data from excellent onshore exposures in the Russian Western Caucasus and Crimea provide a reservoir analogue for offshore targets. A model for development and distribution of the carbonate reefs is presented with reference to possible alternative tectonic settings for the Upper Jurassic north Tethyan Margin.
Outcrops of well-preserved Upper Jurassic reefs can be grouped into coral-dominated, siliceous sponge-microbial and microbial types. Patchy and massive coral-dominated reefs formed at shallow-water platform margins or in slightly restricted deeper-water mid shelf settings. Siliceous sponge-microbial and microbial reefs occur as lenses and mounds and are restricted to deeper-water mid-outer shelf environments. The development of these reefs was controlled mainly by local variations in water depth, light, and the availability of nutrients.
The reefs exhibit a complex pattern of porosity development reflecting independent diagenetic histories involving near-surface and deep-burial dissolution, dolomitization and dedolomitization. Porosity is particularly common in coral-dominated reef facies and consists of both primary and secondary types.
Coral-dominated reefs analogous to onshore outcrops in the Russian Western Caucasus are likely to occur along the northwestern margin of the Yuzhnyi-Adler carbonate platform in the Eastern Black Sea. Possible isolated deeper-water reefs imaged on the northern Shatskiy Ridge could be largely composed of siliceous sponge-microbialite and microbialite facies. Similar reef facies may be present on the Mid Black Sea High.
Lithostratigraphy of the Upper Jurassic – Cretaceous Deposits and Hydrocarbon Perspective in the Romanian Shelf of the Black Sea
Ovidiu Nicolae Dragastan, Faculty of Geology and Geophysics, Bucharest University, Bulevardul N Balcescu no. 1, Bucharest 010041 Romania, phone: 0040729610876, ovidiud@geo.edu.ro
In the Romanian shelf of the Black Sea (offshore), Petromar Co. drilled and has obtained cores of Middle and Upper Jurassic- Cretaceous deposits, as well as Paleogene and Neogene ones. The Mesozoic and Cenozoic deposits belongs to two main geological units: the North Dobrogea Orogenic Belt and the Moesian Platform. In the offshore of the North Dobrogea Orogenic Belt three cycles of sedimentation have been identified: 1. A lower transgressive cycle corresponding to the compression phase of synrift 1 (Bajocian- Callovian ?), the last stage possible corresponding to a „general” unconformity or to a break up 1 between the Middle and Upper Jurassic , with black calci- and siltic turbidites (Heraclea Formation). 2. A middle transgressive compression phase composed by mudstones, claystones and siltstones ( Pontus Formation), Upper Jurassic- Neocomian in age corresponding to the synrift 2 followed by a break up 2 to the Jurassic-Cretaceous boundary and intra Neocomian covered different times hiatuses. 3. An upper large postrift phase Albian to Senonian, continued during the Paleogene and Neogene. Many short and long time hiatuses are recorded that include the Cretaceous deposits. Three source rocks can be identified for hydrocarbon generation: – the black argillaceous, siltic to sandstones of the Heraclea Formation (Middle Jurassic in age), about 1000 m in thickness.; – the black argillites of the Pontus Formation (Neocomian) and – the Oligocene- Miocene bituminous shales, clays and marls known more or less as the Maikop beds.
Hydrocarbon Accumulation in the Permo-Triassic Reservoirs of the Moesian Platform
Pene Constantin1, Niculescu Bogdan1, and Mitru Daniela2. (1) Faculty of Geology and Geophysics, University of Bucharest, 6 Traian Vuia Street, Bucharest, RO – 020956, Romania, phone: +40 21 3181588, penec@gg.unibuc.ro, (2) T.E.I.-Kozani, T.E.I.-Kozani, 114, Ioanis, Kozani, Kozani, Greece
Romanian petroleum basins contain hydrocarbon fields in the Triassic reservoirs only in the north-west of the Moesian Platform and in its south was identified an “oil show”. This distribution of the oil and gas fields is a little enigmatic, because of their position regarding the Bals-Optasi Uplift. Well logs, cores, some seismic profiles and lithophacies maps define the depositional systems and the dispersal patterns of the reservoirs and seals of the Triassic formations. The Permo-Triassic deposits consist of three lithostratigraphic formations: Lower Red Detrital (LRD Fm) (Lower Triassic), Carbonatic-Evaporitic (C-E Fm) (Middle Triassic) and Upper Red Detrital (URD Fm) (Upper Triassic). The lowest part of the LRD Fm and the URD Fm consists of multiple coarsening-upward parasequences deposited in deltaic and fluviatil environments of the lowstand systems tract during a forced regression. The upper part of the LRD Fm consists of fining-upward parasequences that sugests a strong transgression. This evolution is the result of the Permo-Triassic riftogenesis. The main reservoir is a very well sorted sandstone (“Bradesti sandstone”). The seals consist of marls associated with evaporitic rocks. The reservoirs of the C-E Fm consist of limestones and dolomites, especially in the lower part of this formation and the seals are composed by evaporitic rocks. Analysis of the main Triassic reservoirs (Bradesti sandstone as well as dolomite and limestone in the C-E Fm) suggests that there are others prospective areas for hydrocarbon accumulations in the southern part of the Bals-Optasi Uplift.
Tectonic Style and Oil and Gas Accumulation in the Moldavian Platform
Pene Constantin1, Negulescu Rodica2, and Coltoi Octavian1. (1) Faculty of Geology and Geophysics, University of Bucharest, 6 Traian Vuia Street, Bucharest, RO – 020956, Romania, phone: +40 21 3181588, penec@gg.unibuc.ro, (2) Prospectiuni SA, Prospectiuni SA, Caransebes Street, 1, Bucharest, 020834, Romania
The Moldavian Platform represents the western part of the East European Platform. Seismic profiles, well logs, cores as well as geological cross sections and maps show that during Alpine orogeny, the western part of the platform was gradually underthrusted by the Eastern Carpathian Orogene. This structural evolution imprinted a monoclinal character of the deposits and they dip westward beneath the Carpathian Foredeep (Molasse) and Eastern Carpathian Flysch. The compressional tectonic regime accompanied by slowly strike-slip movements and interrupted by short moments of extension imprinted the main tectonic style of the Moldavian Platform. It is dominated by a fault network with two predominantly directions. A first system of major faults, almost parallel with the Eastern Carpathian Orogene is of NNW-SSE orientation (Paltinoasa Fault, West Paltinoasa Fault, and Siret Fault). The second system consists of small cross faults (E-W oriented) and it generated more tectonic block alignments that follow the longitudinal fault trace. The older deposits than the Upper Sarmatian ones plunge step by step beneath Eastern Carpathians along major faults. The tectonic blocks on every step folded and generated gently anticlines and faulted monoclines. The intense compressional regime and the high subsidence rate of the Sarmatian deposits favored the formation of the lithostratigrafic traps. The gas and gas-condensate are reservoired in Albian, Badenian and Sarmatian sandstones and marls and anhydrites seal them. The study of the tectonic evolution of the Moldavian Platform suggests new prospective areas for the gas and gas-condensate in the pre-Badenian deposits.
Paleocene carbonate platform facies distribution (northern part of the Black Sea basin, Ukrainian offshore)
Sergii Vakarchuk, Department of Complex Geology- Industrial Researches, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, Ukraine, phone: +380445850219, fax: +380442487101, vakarchuk@naukanaftogaz.kiev.ua, Piter Chepil, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, and Tetyana Dovzhok, Department of oil and gas geology problems, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, Ukraine.
This study is aimed to detailed facies subdivision and mapping of the Paleocene carbonates that is stipulated by several oil and gas discoveries recently made in this sequence. An analysis is based on an integrated interpretation of core sets and well logs for more than 40 deep wells drilled in the different tectonic zones of the basin and regional and local seismic data. Carbonates of Paleocene occur at depth of 500-6000 m and extend over the most of structural-tectonic zones of the Black Sea basin. The thickness of these sediments changes from 50-100 m to 600-900m. The study has revealed several facies zones in the carbonate sediments of Paleocene: littoral (alternation of skeletal wackestones and packstone, lime mudstones, marls, calcareous sandstones and siltstones), intra-shelf (skeletal wackestones and packstone 60-70%, marls 10-20%, pelitomorphic limestone 5-15 %, baundstones 3-5%, sales 10%), outer-shelf, (skeletal wackestones and packstone 30-40%, marls 20-30%, pelitomorphic limestones 10 %, sales 20%), gentle slope (marls 20-30%, wackestones and packstone 10-15 %, pelitomorphic limestones 20 % sales 30-50%) and basin (sales and marls with intercalation of pelitomorphic limestones). Four gas and gas-condensate fields are discovered within the Paleocene carbonate to date. All from them are located in the intra-shelf zone. The reservoirs are represented with skeletal wackestones. The reservoirs are porous and porous-fissured types. Open porosity – from 10 to 32%, permeability – 0,0005-0,045 mcm2.
South Akcakoca Gas: A Black Sea Discovery 30 Years in the Making
Michael J. Fitzgerald, III1, Ed Ramirez1, William Moulton2, and Al Garcia3. (1) Toreador Resources Corp, 4809 Cole Ave, Suite 108, Dallas, TX 75205, phone: 214-559-3933, fax: 214-559-3945, mfitzgerald@toreador.net, (2) Independent Consultant, (3) Integral Technology Group
Six Eurasian countries surround the Black Sea. Of those six countries, the Republic of Turkey has the longest coastline, 1595 km. of any bounding country. Prior to 2004 there had been only six well drilled in the Turkish Black Sea, four in the far western Black Sea area and two in the west central area offshore from a small vacation town, Akcakoca.
The Akcakoca #1 and #2 wells had been drilled in the mid-1970′s designed to test Mesozoic and Cenozoic sediments seen onshore in outcrops and the subsurface. Early seismic had indicated the presence of sizable structures formed by compressional tectonics bounded by trust faults. The Akcakoca #1 well encountered gas shows in Eocene clastics from 1000m to 1400m and tested 3.25mmcfpd during an open-hole DST. The Akcakoca #2 well encountered gas shows but no tests were run.
In 2000 Madison Oil Turkey, later merged with Toreador Resources, acquired a 962,000 acre permit that contained the Akcakoca wells. Utilizing existing seismic and the original wells Toreador explorationists determined that potential existed for a significant accumulation. A conventional 2-D seismic survey and follow-up high resolution 2-D surveys enabled geophysics to map velocity anomalies that could be tied to the 1970′s wells.
In 2004 the Ayazli #1 wildcat was drilled on a thrusted anticline 3 km south of the original Akcakoca #1 well. This well tested approximately 12.0mmcfgpd from four Eocene age sands. Drilling over the next two and a half years saw the exploration group drill 12 successful well out of 14 and initiate the first gas production in the Turkish Black Sea.
This paper will review the geology and geophysics that went into this effort.
Debunking the Myths of Crimean Geology
Igor V. Popadyuk, Naukanaftogaz, Kyiv 03035 Ukraine, phone: 38 044 5852764, fax: 38 044 2487101, popadyuk@naukanaftogaz.kiev.ua
The Crimea Mountains located in the southernmost part of Crimea Peninsula in southern Ukraine hold keys to the Black Sea understanding as the coastline of Crimean Peninsula spans both Western and Eastern Black Sea.
At least two myths of the regional stratigraphy might be debunked. Myth 1: Tauric Group is not Triassic-Early Jurassic in age. Based on published palaeontological data (Ammonites) it is likely the Tauric Group to be younger, the most probably Aptian- Early-Mid Albian in age. It means that the compressive event affected basins in the Crimea region at the end of Albian, not Middle Jurassic. Myth 2: The flysch and conglomerate successions widely developed on eastern Crimea and commonly referred to the Upper Jurassic are Tertiary in age as it might be concluded based on published palaeontological (foraminifera) data. It means the volume of clastics shed from the Crimea Mountains during the Tertiary uplift seems to have been significant.
Late Jurassic to Early Cretaceous successions are incorporated in two major thrust sheets, named structurally descending as Yayla thrust and Tauric thrust. Yayla thrust is composed mostly of shallow marine carbonates of Late Jurassic-Neocomian age. Tauric thrust consists of Tauric flysch succession and equivalent siliciclastic deposits of Aptian – Early-Mid Albian age. Both of these thrust sheets were transported northward probably during the Late Albian pulse and sealed by post-tectonic cover of Cenomanian to Late Eocene sediments. The Crimea region was tectonically uplifted and eroded after Late Eocene.
The Tertiary Kamtchia Fluvio-Estuary-Fan System of Eastern Bulgaria
Rudolf Dellmour, OMV Exploration & Production GmbH, Vienna, Austria, Rudolf.Dellmour@omv.com and Gian Gabriele Ori, IRSPS, c/o Univ d’Annunzio, Viale Pindaro 42, Pescara, 65127, Italy.
OMV Bulgaria is holding the “Varna Deep Sea” Exploration license in the near offshore from the city of Varna in Eastern Bulgaria. The block covers a large Tertiary fan system sourced from the Balkanide and Carpathian mountains.
The tectonically active Hinterland provided during Eocene to Miocene a vast amount of siliciclastics from eroded crystalline and metamorphic rocks. These sediments were deposited into alluvial plains and alluvial fan aprons during relative high-stands and periods of tectonic quiescence. Relative low-stands produced massive erosion of this detritus which has been funneled through a pronounced Paleo-valley system into the deep sea. This paleovalley system spans over large parts of the Paleogene and Neogene. Two major sequence boundaries have been identified along with several minor unconformities. Today the “Paleo Kamtchia Incised Valley” forms an impressive geomorphologic feature in the landscape south of Varna.
Recent geological fieldwork over the last 3 years revealed the sedimentary history from the Eocene to the Pliocene. Field evidence for this clastic system includes fluvial, tidal and estuary sedimentary environments. This long living system of the Paleo Kamtchia came to an end when the Danube River finally broke through the Carpathians during early Quaternary. After this event the Danube captured the drainage area of the Paleo Kamtchia reducing the Kamtchia River system to a creek of minor importance.
3D seismic data acquired in 2006 reveals a pronounced and complex deepwater fan system connected to this “Paleo Kamtchia Incised Valley”. This fan system opens up a new play in the Bulgarian Black Sea similar to that which has been successfully chased by Explorationist’s worldwide over the past 20 years.
The Moesian Platform: a Critical Piece in the Tectonic Puzzle of the Black Sea Region
Gabor Tari, AllyGabor Geoscience, 6719 Avenue B, Bellaire, TX 770401, phone: 832-724-1404, gabor@allygabor.com
Based on recent results on the structure of the Moesian Platform and the Bohemian Massif segments of the European continental margin, a new model of the evolution of these passive margins is outlined. The Moesian Platform is interpreted as the upper plate, conjugate margin of the Bohemian segment of the European margin, rifted and drifted away during the Middle and Late Jurassic. Moesia, as a new microplate, was separated from the European margin at about the end of the Bathonian and started to drift towards the SE. There are no constraints on the rate of the drifting but by the Aptian Moesia should have reached its present-day position, at least 600 km to the SE from its original position. The direction of drifting can be deduced from the geometry of the major faults to the NE from the present-day Moesian Platform, in the broader Tornquist-Tesseyre fault zone, for example the Peceneaga-Camena fault bounding the Dobrogea orogenic belt. To the SW, the northeastern edge of the Bohemian Spur projecting below the Pannonian Basin is mappable by reflection seismic data providing an additional geometric constraint for the separation of Moesia from Europe. The correct reconstruction of the pre-Jurassic position of the Moesian Platform has important implications for the paleogeography of the Black Sea prior to its opening. For example, the Triassic rift system of Dobrogea in Romania can be directly correlated with the Strandzha rift sequence in southernmost Bulgaria offering a much simpler paleogeographic scenario than previously thought.
The Geological History of the Istria ‘Depression’, Offshore Romania: Tectonic Controls on Second Order Sequence Architecture
David Boote, Consultant, 12 Elsynge Road, London SW18 United Kingdom, phone: 0208 871 0069, davidboote@elsyngeroad.fsnet.co.uk
The Istria ‘Depression’ or trough of offshore Romania, lies at the intersection of the trans-European, Tornquist-Teisseyre ‘Zone’ and the Black Sea back arc basin, just outboard of the East Carpathian orogenic welt. It experienced an extraordinary polyphase history of subsidence, sedimentation and dramatic sediment evacuation during the late Mesozoic and Tertiary, reflecting the interplay between these three tectonic domains. It first developed as a trans-tensional rift in the Triassic- Jurassic to be compressed and deformed during the (?)end-Jurassic Cimmerian orogeny. Residual topography was filled by a west-facing continental clastic-evaporite sequence during the Neocomian. This was terminated by uplift and doming associated with Apto-Albian rifting and back-arc spreading in the western Black Sea. Post break-up subsidence and tilting of the Black Sea rift margin, led to easterly evacuation of its early Cretaceous sedimentary fill by gravity-driven mass wastage. The margin was subsequently transgressed from the east with deposition first confined within the open Istria trough and later expanding out onto the bounding highs. By the end of the Cretaceous, it had been entirely buried, only to be partially evacuated once more in the early Palaeocene and again quite spectacularly during the (?)late Eocene. The deeply incised canyon formed at that time, was rapidly filled by Oligocene-Miocene sediments, but late Miocene (Messinian?) draw-down of the Black Sea basin was reflected by yet a third period of erosional incision. Continental margin outbuilding followed during the Plio-Pleistocene with deposition of several rapidly prograding wedges. This was interrupted by a major gravity slide event and several phases of shelf-margin canyon incision and late phase of shelf margin listric faulting, reflecting the final docking of the Carpathian orogen.
Oil and Gas Prospects of the Ukrainian Part of the Western Black Sea
Oxana Khriachtchevskaia, Naukanaftogaz, Uritskogo Str., 45, Kyiv, 03035, Ukraine, phone: +38(044)5852762, hryaschevska@naukanaftogaz.kiev.ua and Sergiy Stovba, Naukanaftogaz, Uritskoga Str., 45, Kiev, 03035, Ukraine.
Eight gas-condensate commercial fields have been discovered within the Odessa shelf (western part of the Ukrainian Black Sea) during last three decades. The success factor of drilling is 0.5. The productive horizons are located in Upper Cretaceous, Palaeocene, Eocene, Oligocene and Lower Miocene sequences. Present-day exploration activity is focused on inverted structural highs within shallow water area (350 sq. km) in Tertiary and older sediments exist further to the east within Sorokin Trough and Andrusov Ridge. In the easternmost part of the Ukrainian Black Sea a number of high-amplitude anticlines has been mapped in shallow water depth and a huge Mesozoic structure of 400 sq. km in deep water depth (150-700 m). Eocene, Oligocene and Miocene sediments are considered as source rocks with good generative potential for hydrocarbons. There are strong direct hydrocarbon indicators on seismic data. According to expert appraisal, each major lead formed within Upper Mesozoic-Cenozoic section in water depths of 100 m to 2000 m has an area of several hundred sq. km, with vertical closure of hundreds of meters, and has the potential to contain hundred million barrels of recoverable hydrocarbons. The drilling of Subbotina well up to 4300 m has confirmed the high oil and gas potential of Kerch shelf. Plenty of oil and gas reservoirs were determined along the section of the well. Some of them were tested in the lower part of Oligocene sequence with successful result and commercial oil inflow.
The Tectonic Ecology of the Black Sea
Celal Sengor, Istanbul Technical University, Istanbul, Turkey, phone: 90 212 285 6209, sengor@itu.edu.tr and Boris NatalIn.
The Black Sea formed within a complicated area. It had two orogenic collages plastered against each other and fragments of one Gondwana-Land bound continental margin orogen: the Scythides, and the two parts of the Cimmerides. It began opening as a consequence of Alpide subduction of Neo-Tethyan ocean floor in the Aptian-Albian interval and at least in its eastern part, clearly split a continental margin arc. Eastwards it clearly did not connect with the earlier Flysch trough of the Greater Caucasus and neither did it have any relation to the ongoing Cimmeride shortening as late as the Nish-Trojan trough formation. It disrupted a pre-existing fabric, but it is remarkable that the Andrusov Ridge exactly parallels the old Scythide/Cimmeride fabric of en-echelon arc segments.
It evolved as a marginal basin of Japan-Sea type and even in its history of rear-arc shortening it greatly resembles the present structure of the Japan Sea. After the Miocene Arabia/Eurasia final collision, Black Sea began shortening as far east as Zonguuldak. West of there it was extending north-south in unison with Bulgaria, Macedonia and Greece.
It is remarkable how ‘continental’ its behaviour is. We compare this with that of the Tarim Basin and suggest that the Tarim is perhaps a palaeo-Black Sea.
Geological History and Hydrocarbon Potential of the Eastern Black Sea Region
Anatoly M. Nikishin, Geological Faculty, Moscow State University, Moscow, 119992, Russia, phone: (495) 939 49 31, fax: (495) 939 38 65, nikishin@geol.msu.ru and Aleksandr P. Afanasenkov, YUKOS oil companie, Moscow, Russia.
The Eastern Black Sea Basin originated as a back-arc basin during the Cretaceous times. Both the Western and Eastern Black Sea basins have been opened nearly simultaneously during Cenomanian to Coniacian times. Shatsky Ridge was a carbonate platform and zone of pinnacle-type reefs during the Late Jurassic. It was a platformal area since the Cretaceous. The Tuapse, Guria and Sorokin basins originated at the Eocene-Oligocene transition as a flexural foredeep basins. Shatsky Ridge was affected by flexural tectonics also at those times. Shatsky Ridge has a Miocene river system. Since Pliocene only Shatsky ridge was subsided up to 2 km simultaneously with main folding event in the Tuaspe Basin. Hydrocarbon potential of the Shatsky Ridge, Tuapse Basin and Sorokin Basin is connected with: (1) Late Jurassic carbonate platform and system of large pinnacle-type reefs: (2) Possible Paleocene bioclastic limestones; (3) possible Eocene nummulite limestones; (4) possible Oligocene turbitites with sandstone bodies; (5) Miocene river system; (6) Miocene and Pliocene horizons of sandstones.
The Impact of Recent Data on the Interpretation of the Geologic Evolution and Petroleum System of the Eastern Black Sea Basin, Offshore Georgia
Ryan J. Wilson, Neil Mountford, Paul Maguire, and Richard Hedley. Anadarko Algeria Corporation, 1 Harefield Road, Uxbridge, UB8 1YH, United Kingdom, phone: +44 (0)1895 209400, ryan.wilson@anadarko.com
The genesis and sediment-fill history of the Eastern Black Sea Basin, offshore Georgia has been largely understudied with little new data being acquired since the Soviet Era. However, recent data acquired demonstrate the existence of a Tertiary petroleum system.
The Oligo-Miocene Maykop Formation is a widespread source rock that extends from Romania to Turkmenistan. It has been identified as the source of the hydrocarbons in the giant fields of the South Caspian and the accumulations in both the western and eastern onshore basins in Georgia. In addition, oils collected and analyzed from active seeps offshore Georgia, directly above mapped structural culminations, confirms the presence of a generative Maykop in the Eastern Black Sea Basin.
Offshore Georgia can be subdivided into three tectonic provinces, one of which is characterised by high-amplitude anticlines that strike in a southwest-northeast direction as a result of shortening from the Middle Miocene to present day. These fold and thrust anticlines range from classic box folds to overturned folds, with a common decollment within the Maykop.
The primary reservoir sands are believed to be of Middle Miocene age, and based on 3D seismic data, the sandstones were deposited in deepwater channel-levee systems that originated from the north. Late Miocene to present day depositional systems have a south-easterly provenance of volcanic/lithic origins.
In 2005, the first deepwater well in the Eastern Black Sea Basin was drilled offshore Turkey but did not penetrate the northerly-sourced reservoir system. Consequently, the offshore Georgia petroleum system, with billion barrel opportunities, remains untested.
Mud Volcanoes and Fluid Migration in the Sorokin Trough
Sebastian Krastel1, Michelle Wagner-Friedrichs1, Volkhard Spiess1, Leonid Meisner2, Gerhard Borhmann3, and Michael Ivanov4. (1) Marine Technology – Environmental Research, Bremen University, Klagenfurter Strasse, Bremen, D-24359, Germany, phone: +49-421-2184598, skrastel@uni-bremen.de, (2) Marine Geology and Hydrocarbon potential department, Okeangeofizika Research Institute, Krymskaja Str. 18, Gelendzhik, 353470, Russia, (3) Marine Geology, Bremen University, Klagenfurter Strasse, Bremen, 28359, Germany, (4) Moscow State University
The Sorokin Trough forms structural depression along the south-eastern margin of the Crimean Peninsula. Compressive deformation affects the growth of diapiric ridges and facilitates fluid flow to the seafloor and the evolution of mud volcanoes above the diapirs. The main objective of a high-resolution multi-channel seismic survey carried out by Bremen University (Germany) was to study the evolution and formation of mud volcanoes correlated to gas/fluid migration and gas hydrates occurrences. We grouped mud volcanoes in the Sorokin Trough in three areas. The different geological setting influences the evolution of the individual mud volcanoes and hence their morphology. Collapsed depressions dominate in Area 1 in the western survey area. A 2.5D seismic data set was collected across the Sevastopol Mud Volcano representing a typical collapsed depression located above a complex diapiric structure with two ridges. Bright Spots in direct vicinity of the conduit of the mud volcano probably mark the base of the gas hydrate stability zone. We postulate that overpressured fluids initiated an explosive eruption generating the collapsed depression of the Sevastopol mud volcano and subsequent mud extrusions formed cones within the depression. The homogeneous fan deposits of the Palaeo Don-Kuban Fan in the central and eastern Sorokin Trough are characterized by increased permeability resulting in quiet effusive mud extrusions in Areas 2 and 3. Mud volcanoes in the central Area 2 reach enormous dimensions with diameters up to 2000 m and heights of about 100 m where faults with large offsets allow high mud flow rates.
Geology and Petroleum Potential of the Shatsky Ridge (Black Sea)
Alexey L. Meisner, DCS, Schlumberger logelco inc, 9 Taganskaya str., Moscow, Russia, Moscow, Russia, phone: +7 916 868 61 84, ameisner@moscow.oilfield.slb.com and Leonid B. Meisner, Geological, Yuzhmorgeologiya, Krymskaya Str. 18, Gelendzhik, Russia, Gelendzhik, Russia.
The Shatsky Ridge is an anticline structure that is comprised of the Upper Mesozoic-Paleogene rocks. Anticlinels have dimensions up to 66 x 18 km. It lies mainly at water depth about 2 km and extends from the Georgia coast to the Mountain Crimea (Ukraine). The goal of this work was to research perspective of Shatsky Ridge. Seismic and magnetic data have contributed to the recognition of main geological features. There are no wells drilled within the ridge, and the analog data from the Western Georgia and Crimea were used for lithology and reservoir prediction.
The lowest sequence consists of the Low Jurassic thick black shales, deposited on the top of Paleozoic basement. Magnetic anomalies caused most likely by the Middle Jurassic gabbro intrusions. Upper Jurassic-Eocene section consists of mainly carbonate rocks. This section contains the reservoir quality rocks. Limestone porosity varies between 5 – 20 %, range of permeability is 10 – 40 md. Presence of Upper Jurassic reefs, Eocene nummulitic limestone points to a shallow marine sedimentation. These reservoirs are overlain by marine thick shale seals of the Oligocene-Quaternary ages.
A potential of source rocks belongs probably to the Jurassic and the Low Cretaceous rocks. It is also possible that hydrocarbons could migrate into Mesozoic reservoirs from sources rock of the Eocene and the Maikop succession of the adjacent troughs.
Mud volcanoes and seismic anomalies “bright spot” indicate hydrocarbon accumulations in the sedimentary cover of the Shatsky Ridge.
Reservoir prediction, sizes of anticlines and hydrocarbon seeps make conclude that the Shatsky Ridge may contains undrilled prospects and form a basis for its future exploration.
Effects of Tectonics on Deposition in the Balkans of Eastern Bulgaria
Michal Nemcok, Energy and Geoscience Institute, University of Utah, 423 Wakara Way, Suite 300, Salt Lake City, UT 84108, phone: 801-585-9829, fax: 801-585-3540, mnemcok@egi.utah.edu, Charles J. Stuart, EGI at University of Utah, 423 Wakara Way, Suite 300, Salt Lake City, UT 84108, Dian Vangelov, Department of Geology at Sofia University, bul. Tzaz. Osvoboditel 15, Sofia, 1000, Bulgaria, Eric R. Higgins, Chesapeake Energy Corporation, 6100 N. Western Avenue, Oklahoma City, OK 73118, Chelsea Welker, EGI at University of Utah, 423 Wakara Way; Suite 300, Salt Lake City, UT 84108, and David Meaux, AOA Geophysics Inc, 11200 Westheimer, Suite 850, Houston, TX 77042.
The E Balkans geometry during Paleocene-Recent was characterized by a southeastward plunge toward the Western Black Sea, caused by: 1) a combination of eastward-thinning continental crust in the west, and oceanic crust in the east; 2) post-rift thermal subsidence of the continental crust; 3) buttressing against the Moesian Platform in the west and no buttressing in the east; and 4) northeastward advance of the thrustbelt.
The eastward-fading uplift and buttressing are evidenced by: 1) eastward decreasing amount of shortening along constructed profiles, yielding 30km, 10.5km, 11km and 4km from west to east; 2) eastward trend of more complete stratigraphic sections and shallower erosional levels; and 3) eastward increase in décollement depths, being 3.7km, 3.8km, 9.5-13.5km and 12.3-14.1km. The last thrusting age is progressively older toward the east from Middle Eocene through Late Eocene to Late Eocene/Oligocene. Onshore thrustbelt, which was significantly affected by buttressing against the Moesian Platform, exhibits thrusting followed by Late Eocene gravitational collapse, Oligocene quiescence and Neogene extension. The offshore thrustbelt exhibits thrusting followed by Oligocene-Neogene extension. A Paleocene-Middle Eocene piggyback basin formed in the onshore portion of the thrustbelt, centered in the East Balkan Zone, with a southeastward plunging axis, which migrated northeastward with basin shortening and filling.
Sedimentology And Timing Of Hydrocarbon-seepage (Lower Eocene, Varna, Bulgaria)
Eva De Boever, Geologie, K.U. Leuven, Celestijnenlaan 200 E, 3001 Leuven, Belgium, phone: +32 16 32 77 98, eva.deboever@geo.kuleuven.be, Rudy Swennen, Geologie, K.U.Leuven, Celestijnenlaan 200E, 3001 Heverlee, Belgium, and Lyubomir Dimitrov, Institute of Oceanology, P.O. Box 152, 9000 Varna, Bulgaria.
In the Pobiti Kamani area (Varna, NE Bulgaria), Lower Eocene sandy sediments contain several clusters of up to 8m high calcite-cemented chimney structures. ?13C values as low as -43‰ V-PDB indicate a hydrocarbon-seepage related origin. The depositional sequence of the shallow marine platform sediments is characterized by several cemented stratal surfaces which are cross cut by chimney structures. In this contribution, the origin of the cemented surfaces is addressed based on sedimentological, petrographical and stable isotope geochemical data and the implications with respect to the timing of hydrocarbon seepage are evaluated. Grain size measurements in two continuous vertical sections allow to distinguish two depositional sequences. Transgressive (TS) and maximum flooding (MFS) surfaces are characterized by extensive calcite cementation, thus indicating a sequence stratigraphical control on cementation. Different cement-types have been recognized. The bulk stable isotope signature of these cements indicates precipitation from Lower Eocene marine pore fluids, affected by later meteoric resetting. ?13C depletions of the dominant pore cementing “mosaic” cement as low as -20.6‰ V-PDB however supports also a pre-compactional influence of hydrocarbon-seepage which decreases within m-distance from chimney clusters. The MFS near the top of the Dikilitash Formation is partly cemented by transparent poikilotopic calcite in keystone-type vugs and in interparticular porosity. Its very early diagenetic origin and ?13C depletion (-16‰ V-PDB) suggest that hydrocarbon-bearing fluids percolated through the sandy sediments near the seafloor at the end of ??the Upper Ypresian. Other coarse-grained,13C depleted (-26‰ V-PDB) concretionary horizons likely resulted from post-sedimentary lateral migration of seepage fluids.
Winter Sports Results
International Hot Spots – The Black Sea
AAPG & AAPG European Region Energy Conference and Exhibition (November 18-21, 2007) Technical Program
I have compiled these abstracts from the AAPG conference in Athens 2007, where the Black Sea had its own sessions. Especially Bulgaria, Ukraine and Georgia were covered during the session, but also some examples from offshore and onshore Turkey were covered during these sessions. The under explored Offshore Black Sea has gained more attention the latter years since more data has been collected. Especially offshore Ukraine, several generations of 2D seismic has revealed some potential offshore until now not been discovered. However since the mid 1990’s there has been some interest due to the first generation 2D seismic and some older CCCP seismic, pre 1990’s. With this compilation we want to promote more interest for the offshore Black Sea, as we see this as an area for the future as oil and gas legislations in bounding countries mature and gets more open for international oil and gas companies, as well as investors.
Upper Jurassic Reefs of the Western Caucasus-Crimea; Hydrocarbon Implications for the Eastern Black Sea
Li Guo1, Stephen J. Vincent1, Samuel P. Rice1, and Vladimir Lavrishchev2. (1) CASP, Department of Earth Sciences, University of Cambridge, 181a Huntingdon Road, Cambridge, CB3 0DH, United Kingdom, phone: +44 1223 337068, li.guo@casp.cam.ac.uk, (2) Kavkazgeols’emka, Ul. Kislovodskaya 203, Yessentuki, Russia
Widespread Upper Jurassic reefs are important potential reservoir facies in the Eastern Black Sea Basin. Russian seismic reflection data from the northern Shatskiy Ridge indicate possible offshore reef-facies occurrences up to 1-2 km thick and 10-20 km wide. Data from excellent onshore exposures in the Russian Western Caucasus and Crimea provide a reservoir analogue for offshore targets. A model for development and distribution of the carbonate reefs is presented with reference to possible alternative tectonic settings for the Upper Jurassic north Tethyan Margin.
Outcrops of well-preserved Upper Jurassic reefs can be grouped into coral-dominated, siliceous sponge-microbial and microbial types. Patchy and massive coral-dominated reefs formed at shallow-water platform margins or in slightly restricted deeper-water mid shelf settings. Siliceous sponge-microbial and microbial reefs occur as lenses and mounds and are restricted to deeper-water mid-outer shelf environments. The development of these reefs was controlled mainly by local variations in water depth, light, and the availability of nutrients.
The reefs exhibit a complex pattern of porosity development reflecting independent diagenetic histories involving near-surface and deep-burial dissolution, dolomitization and dedolomitization. Porosity is particularly common in coral-dominated reef facies and consists of both primary and secondary types.
Coral-dominated reefs analogous to onshore outcrops in the Russian Western Caucasus are likely to occur along the northwestern margin of the Yuzhnyi-Adler carbonate platform in the Eastern Black Sea. Possible isolated deeper-water reefs imaged on the northern Shatskiy Ridge could be largely composed of siliceous sponge-microbialite and microbialite facies. Similar reef facies may be present on the Mid Black Sea High.
Lithostratigraphy of the Upper Jurassic – Cretaceous Deposits and Hydrocarbon Perspective in the Romanian Shelf of the Black Sea
Ovidiu Nicolae Dragastan, Faculty of Geology and Geophysics, Bucharest University, Bulevardul N Balcescu no. 1, Bucharest 010041 Romania, phone: 0040729610876, ovidiud@geo.edu.ro
In the Romanian shelf of the Black Sea (offshore), Petromar Co. drilled and has obtained cores of Middle and Upper Jurassic- Cretaceous deposits, as well as Paleogene and Neogene ones. The Mesozoic and Cenozoic deposits belongs to two main geological units: the North Dobrogea Orogenic Belt and the Moesian Platform. In the offshore of the North Dobrogea Orogenic Belt three cycles of sedimentation have been identified: 1. A lower transgressive cycle corresponding to the compression phase of synrift 1 (Bajocian- Callovian ?), the last stage possible corresponding to a „general” unconformity or to a break up 1 between the Middle and Upper Jurassic , with black calci- and siltic turbidites (Heraclea Formation). 2. A middle transgressive compression phase composed by mudstones, claystones and siltstones ( Pontus Formation), Upper Jurassic- Neocomian in age corresponding to the synrift 2 followed by a break up 2 to the Jurassic-Cretaceous boundary and intra Neocomian covered different times hiatuses. 3. An upper large postrift phase Albian to Senonian, continued during the Paleogene and Neogene. Many short and long time hiatuses are recorded that include the Cretaceous deposits. Three source rocks can be identified for hydrocarbon generation: – the black argillaceous, siltic to sandstones of the Heraclea Formation (Middle Jurassic in age), about 1000 m in thickness.; – the black argillites of the Pontus Formation (Neocomian) and – the Oligocene- Miocene bituminous shales, clays and marls known more or less as the Maikop beds.
Hydrocarbon Accumulation in the Permo-Triassic Reservoirs of the Moesian Platform
Pene Constantin1, Niculescu Bogdan1, and Mitru Daniela2. (1) Faculty of Geology and Geophysics, University of Bucharest, 6 Traian Vuia Street, Bucharest, RO – 020956, Romania, phone: +40 21 3181588, penec@gg.unibuc.ro, (2) T.E.I.-Kozani, T.E.I.-Kozani, 114, Ioanis, Kozani, Kozani, Greece
Romanian petroleum basins contain hydrocarbon fields in the Triassic reservoirs only in the north-west of the Moesian Platform and in its south was identified an “oil show”. This distribution of the oil and gas fields is a little enigmatic, because of their position regarding the Bals-Optasi Uplift. Well logs, cores, some seismic profiles and lithophacies maps define the depositional systems and the dispersal patterns of the reservoirs and seals of the Triassic formations. The Permo-Triassic deposits consist of three lithostratigraphic formations: Lower Red Detrital (LRD Fm) (Lower Triassic), Carbonatic-Evaporitic (C-E Fm) (Middle Triassic) and Upper Red Detrital (URD Fm) (Upper Triassic). The lowest part of the LRD Fm and the URD Fm consists of multiple coarsening-upward parasequences deposited in deltaic and fluviatil environments of the lowstand systems tract during a forced regression. The upper part of the LRD Fm consists of fining-upward parasequences that sugests a strong transgression. This evolution is the result of the Permo-Triassic riftogenesis. The main reservoir is a very well sorted sandstone (“Bradesti sandstone”). The seals consist of marls associated with evaporitic rocks. The reservoirs of the C-E Fm consist of limestones and dolomites, especially in the lower part of this formation and the seals are composed by evaporitic rocks. Analysis of the main Triassic reservoirs (Bradesti sandstone as well as dolomite and limestone in the C-E Fm) suggests that there are others prospective areas for hydrocarbon accumulations in the southern part of the Bals-Optasi Uplift.
Tectonic Style and Oil and Gas Accumulation in the Moldavian Platform
Pene Constantin1, Negulescu Rodica2, and Coltoi Octavian1. (1) Faculty of Geology and Geophysics, University of Bucharest, 6 Traian Vuia Street, Bucharest, RO – 020956, Romania, phone: +40 21 3181588, penec@gg.unibuc.ro, (2) Prospectiuni SA, Prospectiuni SA, Caransebes Street, 1, Bucharest, 020834, Romania
The Moldavian Platform represents the western part of the East European Platform. Seismic profiles, well logs, cores as well as geological cross sections and maps show that during Alpine orogeny, the western part of the platform was gradually underthrusted by the Eastern Carpathian Orogene. This structural evolution imprinted a monoclinal character of the deposits and they dip westward beneath the Carpathian Foredeep (Molasse) and Eastern Carpathian Flysch. The compressional tectonic regime accompanied by slowly strike-slip movements and interrupted by short moments of extension imprinted the main tectonic style of the Moldavian Platform. It is dominated by a fault network with two predominantly directions. A first system of major faults, almost parallel with the Eastern Carpathian Orogene is of NNW-SSE orientation (Paltinoasa Fault, West Paltinoasa Fault, and Siret Fault). The second system consists of small cross faults (E-W oriented) and it generated more tectonic block alignments that follow the longitudinal fault trace. The older deposits than the Upper Sarmatian ones plunge step by step beneath Eastern Carpathians along major faults. The tectonic blocks on every step folded and generated gently anticlines and faulted monoclines. The intense compressional regime and the high subsidence rate of the Sarmatian deposits favored the formation of the lithostratigrafic traps. The gas and gas-condensate are reservoired in Albian, Badenian and Sarmatian sandstones and marls and anhydrites seal them. The study of the tectonic evolution of the Moldavian Platform suggests new prospective areas for the gas and gas-condensate in the pre-Badenian deposits.
Paleocene carbonate platform facies distribution (northern part of the Black Sea basin, Ukrainian offshore)
Sergii Vakarchuk, Department of Complex Geology- Industrial Researches, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, Ukraine, phone: +380445850219, fax: +380442487101, vakarchuk@naukanaftogaz.kiev.ua, Piter Chepil, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, and Tetyana Dovzhok, Department of oil and gas geology problems, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, Ukraine.
This study is aimed to detailed facies subdivision and mapping of the Paleocene carbonates that is stipulated by several oil and gas discoveries recently made in this sequence. An analysis is based on an integrated interpretation of core sets and well logs for more than 40 deep wells drilled in the different tectonic zones of the basin and regional and local seismic data. Carbonates of Paleocene occur at depth of 500-6000 m and extend over the most of structural-tectonic zones of the Black Sea basin. The thickness of these sediments changes from 50-100 m to 600-900m. The study has revealed several facies zones in the carbonate sediments of Paleocene: littoral (alternation of skeletal wackestones and packstone, lime mudstones, marls, calcareous sandstones and siltstones), intra-shelf (skeletal wackestones and packstone 60-70%, marls 10-20%, pelitomorphic limestone 5-15 %, baundstones 3-5%, sales 10%), outer-shelf, (skeletal wackestones and packstone 30-40%, marls 20-30%, pelitomorphic limestones 10 %, sales 20%), gentle slope (marls 20-30%, wackestones and packstone 10-15 %, pelitomorphic limestones 20 % sales 30-50%) and basin (sales and marls with intercalation of pelitomorphic limestones). Four gas and gas-condensate fields are discovered within the Paleocene carbonate to date. All from them are located in the intra-shelf zone. The reservoirs are represented with skeletal wackestones. The reservoirs are porous and porous-fissured types. Open porosity – from 10 to 32%, permeability – 0,0005-0,045 mcm2.
South Akcakoca Gas: A Black Sea Discovery 30 Years in the Making
Michael J. Fitzgerald, III1, Ed Ramirez1, William Moulton2, and Al Garcia3. (1) Toreador Resources Corp, 4809 Cole Ave, Suite 108, Dallas, TX 75205, phone: 214-559-3933, fax: 214-559-3945, mfitzgerald@toreador.net, (2) Independent Consultant, (3) Integral Technology Group
Six Eurasian countries surround the Black Sea. Of those six countries, the Republic of Turkey has the longest coastline, 1595 km. of any bounding country. Prior to 2004 there had been only six well drilled in the Turkish Black Sea, four in the far western Black Sea area and two in the west central area offshore from a small vacation town, Akcakoca.
The Akcakoca #1 and #2 wells had been drilled in the mid-1970′s designed to test Mesozoic and Cenozoic sediments seen onshore in outcrops and the subsurface. Early seismic had indicated the presence of sizable structures formed by compressional tectonics bounded by trust faults. The Akcakoca #1 well encountered gas shows in Eocene clastics from 1000m to 1400m and tested 3.25mmcfpd during an open-hole DST. The Akcakoca #2 well encountered gas shows but no tests were run.
In 2000 Madison Oil Turkey, later merged with Toreador Resources, acquired a 962,000 acre permit that contained the Akcakoca wells. Utilizing existing seismic and the original wells Toreador explorationists determined that potential existed for a significant accumulation. A conventional 2-D seismic survey and follow-up high resolution 2-D surveys enabled geophysics to map velocity anomalies that could be tied to the 1970′s wells.
In 2004 the Ayazli #1 wildcat was drilled on a thrusted anticline 3 km south of the original Akcakoca #1 well. This well tested approximately 12.0mmcfgpd from four Eocene age sands. Drilling over the next two and a half years saw the exploration group drill 12 successful well out of 14 and initiate the first gas production in the Turkish Black Sea.
This paper will review the geology and geophysics that went into this effort.
Debunking the Myths of Crimean Geology
Igor V. Popadyuk, Naukanaftogaz, Kyiv 03035 Ukraine, phone: 38 044 5852764, fax: 38 044 2487101, popadyuk@naukanaftogaz.kiev.ua
The Crimea Mountains located in the southernmost part of Crimea Peninsula in southern Ukraine hold keys to the Black Sea understanding as the coastline of Crimean Peninsula spans both Western and Eastern Black Sea.
At least two myths of the regional stratigraphy might be debunked. Myth 1: Tauric Group is not Triassic-Early Jurassic in age. Based on published palaeontological data (Ammonites) it is likely the Tauric Group to be younger, the most probably Aptian- Early-Mid Albian in age. It means that the compressive event affected basins in the Crimea region at the end of Albian, not Middle Jurassic. Myth 2: The flysch and conglomerate successions widely developed on eastern Crimea and commonly referred to the Upper Jurassic are Tertiary in age as it might be concluded based on published palaeontological (foraminifera) data. It means the volume of clastics shed from the Crimea Mountains during the Tertiary uplift seems to have been significant.
Late Jurassic to Early Cretaceous successions are incorporated in two major thrust sheets, named structurally descending as Yayla thrust and Tauric thrust. Yayla thrust is composed mostly of shallow marine carbonates of Late Jurassic-Neocomian age. Tauric thrust consists of Tauric flysch succession and equivalent siliciclastic deposits of Aptian – Early-Mid Albian age. Both of these thrust sheets were transported northward probably during the Late Albian pulse and sealed by post-tectonic cover of Cenomanian to Late Eocene sediments. The Crimea region was tectonically uplifted and eroded after Late Eocene.
The Tertiary Kamtchia Fluvio-Estuary-Fan System of Eastern Bulgaria
Rudolf Dellmour, OMV Exploration & Production GmbH, Vienna, Austria, Rudolf.Dellmour@omv.com and Gian Gabriele Ori, IRSPS, c/o Univ d’Annunzio, Viale Pindaro 42, Pescara, 65127, Italy.
OMV Bulgaria is holding the “Varna Deep Sea” Exploration license in the near offshore from the city of Varna in Eastern Bulgaria. The block covers a large Tertiary fan system sourced from the Balkanide and Carpathian mountains.
The tectonically active Hinterland provided during Eocene to Miocene a vast amount of siliciclastics from eroded crystalline and metamorphic rocks. These sediments were deposited into alluvial plains and alluvial fan aprons during relative high-stands and periods of tectonic quiescence. Relative low-stands produced massive erosion of this detritus which has been funneled through a pronounced Paleo-valley system into the deep sea. This paleovalley system spans over large parts of the Paleogene and Neogene. Two major sequence boundaries have been identified along with several minor unconformities. Today the “Paleo Kamtchia Incised Valley” forms an impressive geomorphologic feature in the landscape south of Varna.
Recent geological fieldwork over the last 3 years revealed the sedimentary history from the Eocene to the Pliocene. Field evidence for this clastic system includes fluvial, tidal and estuary sedimentary environments. This long living system of the Paleo Kamtchia came to an end when the Danube River finally broke through the Carpathians during early Quaternary. After this event the Danube captured the drainage area of the Paleo Kamtchia reducing the Kamtchia River system to a creek of minor importance.
3D seismic data acquired in 2006 reveals a pronounced and complex deepwater fan system connected to this “Paleo Kamtchia Incised Valley”. This fan system opens up a new play in the Bulgarian Black Sea similar to that which has been successfully chased by Explorationist’s worldwide over the past 20 years.
The Moesian Platform: a Critical Piece in the Tectonic Puzzle of the Black Sea Region
Gabor Tari, AllyGabor Geoscience, 6719 Avenue B, Bellaire, TX 770401, phone: 832-724-1404, gabor@allygabor.com
Based on recent results on the structure of the Moesian Platform and the Bohemian Massif segments of the European continental margin, a new model of the evolution of these passive margins is outlined. The Moesian Platform is interpreted as the upper plate, conjugate margin of the Bohemian segment of the European margin, rifted and drifted away during the Middle and Late Jurassic. Moesia, as a new microplate, was separated from the European margin at about the end of the Bathonian and started to drift towards the SE. There are no constraints on the rate of the drifting but by the Aptian Moesia should have reached its present-day position, at least 600 km to the SE from its original position. The direction of drifting can be deduced from the geometry of the major faults to the NE from the present-day Moesian Platform, in the broader Tornquist-Tesseyre fault zone, for example the Peceneaga-Camena fault bounding the Dobrogea orogenic belt. To the SW, the northeastern edge of the Bohemian Spur projecting below the Pannonian Basin is mappable by reflection seismic data providing an additional geometric constraint for the separation of Moesia from Europe. The correct reconstruction of the pre-Jurassic position of the Moesian Platform has important implications for the paleogeography of the Black Sea prior to its opening. For example, the Triassic rift system of Dobrogea in Romania can be directly correlated with the Strandzha rift sequence in southernmost Bulgaria offering a much simpler paleogeographic scenario than previously thought.
The Geological History of the Istria ‘Depression’, Offshore Romania: Tectonic Controls on Second Order Sequence Architecture
David Boote, Consultant, 12 Elsynge Road, London SW18 United Kingdom, phone: 0208 871 0069, davidboote@elsyngeroad.fsnet.co.uk
The Istria ‘Depression’ or trough of offshore Romania, lies at the intersection of the trans-European, Tornquist-Teisseyre ‘Zone’ and the Black Sea back arc basin, just outboard of the East Carpathian orogenic welt. It experienced an extraordinary polyphase history of subsidence, sedimentation and dramatic sediment evacuation during the late Mesozoic and Tertiary, reflecting the interplay between these three tectonic domains. It first developed as a trans-tensional rift in the Triassic- Jurassic to be compressed and deformed during the (?)end-Jurassic Cimmerian orogeny. Residual topography was filled by a west-facing continental clastic-evaporite sequence during the Neocomian. This was terminated by uplift and doming associated with Apto-Albian rifting and back-arc spreading in the western Black Sea. Post break-up subsidence and tilting of the Black Sea rift margin, led to easterly evacuation of its early Cretaceous sedimentary fill by gravity-driven mass wastage. The margin was subsequently transgressed from the east with deposition first confined within the open Istria trough and later expanding out onto the bounding highs. By the end of the Cretaceous, it had been entirely buried, only to be partially evacuated once more in the early Palaeocene and again quite spectacularly during the (?)late Eocene. The deeply incised canyon formed at that time, was rapidly filled by Oligocene-Miocene sediments, but late Miocene (Messinian?) draw-down of the Black Sea basin was reflected by yet a third period of erosional incision. Continental margin outbuilding followed during the Plio-Pleistocene with deposition of several rapidly prograding wedges. This was interrupted by a major gravity slide event and several phases of shelf-margin canyon incision and late phase of shelf margin listric faulting, reflecting the final docking of the Carpathian orogen.
Oil and Gas Prospects of the Ukrainian Part of the Western Black Sea
Oxana Khriachtchevskaia, Naukanaftogaz, Uritskogo Str., 45, Kyiv, 03035, Ukraine, phone: +38(044)5852762, hryaschevska@naukanaftogaz.kiev.ua and Sergiy Stovba, Naukanaftogaz, Uritskoga Str., 45, Kiev, 03035, Ukraine.
Eight gas-condensate commercial fields have been discovered within the Odessa shelf (western part of the Ukrainian Black Sea) during last three decades. The success factor of drilling is 0.5. The productive horizons are located in Upper Cretaceous, Palaeocene, Eocene, Oligocene and Lower Miocene sequences. Present-day exploration activity is focused on inverted structural highs within shallow water area (350 sq. km) in Tertiary and older sediments exist further to the east within Sorokin Trough and Andrusov Ridge. In the easternmost part of the Ukrainian Black Sea a number of high-amplitude anticlines has been mapped in shallow water depth and a huge Mesozoic structure of 400 sq. km in deep water depth (150-700 m). Eocene, Oligocene and Miocene sediments are considered as source rocks with good generative potential for hydrocarbons. There are strong direct hydrocarbon indicators on seismic data. According to expert appraisal, each major lead formed within Upper Mesozoic-Cenozoic section in water depths of 100 m to 2000 m has an area of several hundred sq. km, with vertical closure of hundreds of meters, and has the potential to contain hundred million barrels of recoverable hydrocarbons. The drilling of Subbotina well up to 4300 m has confirmed the high oil and gas potential of Kerch shelf. Plenty of oil and gas reservoirs were determined along the section of the well. Some of them were tested in the lower part of Oligocene sequence with successful result and commercial oil inflow.
The Tectonic Ecology of the Black Sea
Celal Sengor, Istanbul Technical University, Istanbul, Turkey, phone: 90 212 285 6209, sengor@itu.edu.tr and Boris NatalIn.
The Black Sea formed within a complicated area. It had two orogenic collages plastered against each other and fragments of one Gondwana-Land bound continental margin orogen: the Scythides, and the two parts of the Cimmerides. It began opening as a consequence of Alpide subduction of Neo-Tethyan ocean floor in the Aptian-Albian interval and at least in its eastern part, clearly split a continental margin arc. Eastwards it clearly did not connect with the earlier Flysch trough of the Greater Caucasus and neither did it have any relation to the ongoing Cimmeride shortening as late as the Nish-Trojan trough formation. It disrupted a pre-existing fabric, but it is remarkable that the Andrusov Ridge exactly parallels the old Scythide/Cimmeride fabric of en-echelon arc segments.
It evolved as a marginal basin of Japan-Sea type and even in its history of rear-arc shortening it greatly resembles the present structure of the Japan Sea. After the Miocene Arabia/Eurasia final collision, Black Sea began shortening as far east as Zonguuldak. West of there it was extending north-south in unison with Bulgaria, Macedonia and Greece.
It is remarkable how ‘continental’ its behaviour is. We compare this with that of the Tarim Basin and suggest that the Tarim is perhaps a palaeo-Black Sea.
Geological History and Hydrocarbon Potential of the Eastern Black Sea Region
Anatoly M. Nikishin, Geological Faculty, Moscow State University, Moscow, 119992, Russia, phone: (495) 939 49 31, fax: (495) 939 38 65, nikishin@geol.msu.ru and Aleksandr P. Afanasenkov, YUKOS oil companie, Moscow, Russia.
The Eastern Black Sea Basin originated as a back-arc basin during the Cretaceous times. Both the Western and Eastern Black Sea basins have been opened nearly simultaneously during Cenomanian to Coniacian times. Shatsky Ridge was a carbonate platform and zone of pinnacle-type reefs during the Late Jurassic. It was a platformal area since the Cretaceous. The Tuapse, Guria and Sorokin basins originated at the Eocene-Oligocene transition as a flexural foredeep basins. Shatsky Ridge was affected by flexural tectonics also at those times. Shatsky Ridge has a Miocene river system. Since Pliocene only Shatsky ridge was subsided up to 2 km simultaneously with main folding event in the Tuaspe Basin. Hydrocarbon potential of the Shatsky Ridge, Tuapse Basin and Sorokin Basin is connected with: (1) Late Jurassic carbonate platform and system of large pinnacle-type reefs: (2) Possible Paleocene bioclastic limestones; (3) possible Eocene nummulite limestones; (4) possible Oligocene turbitites with sandstone bodies; (5) Miocene river system; (6) Miocene and Pliocene horizons of sandstones.
The Impact of Recent Data on the Interpretation of the Geologic Evolution and Petroleum System of the Eastern Black Sea Basin, Offshore Georgia
Ryan J. Wilson, Neil Mountford, Paul Maguire, and Richard Hedley. Anadarko Algeria Corporation, 1 Harefield Road, Uxbridge, UB8 1YH, United Kingdom, phone: +44 (0)1895 209400, ryan.wilson@anadarko.com
The genesis and sediment-fill history of the Eastern Black Sea Basin, offshore Georgia has been largely understudied with little new data being acquired since the Soviet Era. However, recent data acquired demonstrate the existence of a Tertiary petroleum system.
The Oligo-Miocene Maykop Formation is a widespread source rock that extends from Romania to Turkmenistan. It has been identified as the source of the hydrocarbons in the giant fields of the South Caspian and the accumulations in both the western and eastern onshore basins in Georgia. In addition, oils collected and analyzed from active seeps offshore Georgia, directly above mapped structural culminations, confirms the presence of a generative Maykop in the Eastern Black Sea Basin.
Offshore Georgia can be subdivided into three tectonic provinces, one of which is characterised by high-amplitude anticlines that strike in a southwest-northeast direction as a result of shortening from the Middle Miocene to present day. These fold and thrust anticlines range from classic box folds to overturned folds, with a common decollment within the Maykop.
The primary reservoir sands are believed to be of Middle Miocene age, and based on 3D seismic data, the sandstones were deposited in deepwater channel-levee systems that originated from the north. Late Miocene to present day depositional systems have a south-easterly provenance of volcanic/lithic origins.
In 2005, the first deepwater well in the Eastern Black Sea Basin was drilled offshore Turkey but did not penetrate the northerly-sourced reservoir system. Consequently, the offshore Georgia petroleum system, with billion barrel opportunities, remains untested.
Mud Volcanoes and Fluid Migration in the Sorokin Trough
Sebastian Krastel1, Michelle Wagner-Friedrichs1, Volkhard Spiess1, Leonid Meisner2, Gerhard Borhmann3, and Michael Ivanov4. (1) Marine Technology – Environmental Research, Bremen University, Klagenfurter Strasse, Bremen, D-24359, Germany, phone: +49-421-2184598, skrastel@uni-bremen.de, (2) Marine Geology and Hydrocarbon potential department, Okeangeofizika Research Institute, Krymskaja Str. 18, Gelendzhik, 353470, Russia, (3) Marine Geology, Bremen University, Klagenfurter Strasse, Bremen, 28359, Germany, (4) Moscow State University
The Sorokin Trough forms structural depression along the south-eastern margin of the Crimean Peninsula. Compressive deformation affects the growth of diapiric ridges and facilitates fluid flow to the seafloor and the evolution of mud volcanoes above the diapirs. The main objective of a high-resolution multi-channel seismic survey carried out by Bremen University (Germany) was to study the evolution and formation of mud volcanoes correlated to gas/fluid migration and gas hydrates occurrences. We grouped mud volcanoes in the Sorokin Trough in three areas. The different geological setting influences the evolution of the individual mud volcanoes and hence their morphology. Collapsed depressions dominate in Area 1 in the western survey area. A 2.5D seismic data set was collected across the Sevastopol Mud Volcano representing a typical collapsed depression located above a complex diapiric structure with two ridges. Bright Spots in direct vicinity of the conduit of the mud volcano probably mark the base of the gas hydrate stability zone. We postulate that overpressured fluids initiated an explosive eruption generating the collapsed depression of the Sevastopol mud volcano and subsequent mud extrusions formed cones within the depression. The homogeneous fan deposits of the Palaeo Don-Kuban Fan in the central and eastern Sorokin Trough are characterized by increased permeability resulting in quiet effusive mud extrusions in Areas 2 and 3. Mud volcanoes in the central Area 2 reach enormous dimensions with diameters up to 2000 m and heights of about 100 m where faults with large offsets allow high mud flow rates.
Geology and Petroleum Potential of the Shatsky Ridge (Black Sea)
Alexey L. Meisner, DCS, Schlumberger logelco inc, 9 Taganskaya str., Moscow, Russia, Moscow, Russia, phone: +7 916 868 61 84, ameisner@moscow.oilfield.slb.com and Leonid B. Meisner, Geological, Yuzhmorgeologiya, Krymskaya Str. 18, Gelendzhik, Russia, Gelendzhik, Russia.
The Shatsky Ridge is an anticline structure that is comprised of the Upper Mesozoic-Paleogene rocks. Anticlinels have dimensions up to 66 x 18 km. It lies mainly at water depth about 2 km and extends from the Georgia coast to the Mountain Crimea (Ukraine). The goal of this work was to research perspective of Shatsky Ridge. Seismic and magnetic data have contributed to the recognition of main geological features. There are no wells drilled within the ridge, and the analog data from the Western Georgia and Crimea were used for lithology and reservoir prediction.
The lowest sequence consists of the Low Jurassic thick black shales, deposited on the top of Paleozoic basement. Magnetic anomalies caused most likely by the Middle Jurassic gabbro intrusions. Upper Jurassic-Eocene section consists of mainly carbonate rocks. This section contains the reservoir quality rocks. Limestone porosity varies between 5 – 20 %, range of permeability is 10 – 40 md. Presence of Upper Jurassic reefs, Eocene nummulitic limestone points to a shallow marine sedimentation. These reservoirs are overlain by marine thick shale seals of the Oligocene-Quaternary ages.
A potential of source rocks belongs probably to the Jurassic and the Low Cretaceous rocks. It is also possible that hydrocarbons could migrate into Mesozoic reservoirs from sources rock of the Eocene and the Maikop succession of the adjacent troughs.
Mud volcanoes and seismic anomalies “bright spot” indicate hydrocarbon accumulations in the sedimentary cover of the Shatsky Ridge.
Reservoir prediction, sizes of anticlines and hydrocarbon seeps make conclude that the Shatsky Ridge may contains undrilled prospects and form a basis for its future exploration.
Effects of Tectonics on Deposition in the Balkans of Eastern Bulgaria
Michal Nemcok, Energy and Geoscience Institute, University of Utah, 423 Wakara Way, Suite 300, Salt Lake City, UT 84108, phone: 801-585-9829, fax: 801-585-3540, mnemcok@egi.utah.edu, Charles J. Stuart, EGI at University of Utah, 423 Wakara Way, Suite 300, Salt Lake City, UT 84108, Dian Vangelov, Department of Geology at Sofia University, bul. Tzaz. Osvoboditel 15, Sofia, 1000, Bulgaria, Eric R. Higgins, Chesapeake Energy Corporation, 6100 N. Western Avenue, Oklahoma City, OK 73118, Chelsea Welker, EGI at University of Utah, 423 Wakara Way; Suite 300, Salt Lake City, UT 84108, and David Meaux, AOA Geophysics Inc, 11200 Westheimer, Suite 850, Houston, TX 77042.
The E Balkans geometry during Paleocene-Recent was characterized by a southeastward plunge toward the Western Black Sea, caused by: 1) a combination of eastward-thinning continental crust in the west, and oceanic crust in the east; 2) post-rift thermal subsidence of the continental crust; 3) buttressing against the Moesian Platform in the west and no buttressing in the east; and 4) northeastward advance of the thrustbelt.
The eastward-fading uplift and buttressing are evidenced by: 1) eastward decreasing amount of shortening along constructed profiles, yielding 30km, 10.5km, 11km and 4km from west to east; 2) eastward trend of more complete stratigraphic sections and shallower erosional levels; and 3) eastward increase in décollement depths, being 3.7km, 3.8km, 9.5-13.5km and 12.3-14.1km. The last thrusting age is progressively older toward the east from Middle Eocene through Late Eocene to Late Eocene/Oligocene. Onshore thrustbelt, which was significantly affected by buttressing against the Moesian Platform, exhibits thrusting followed by Late Eocene gravitational collapse, Oligocene quiescence and Neogene extension. The offshore thrustbelt exhibits thrusting followed by Oligocene-Neogene extension. A Paleocene-Middle Eocene piggyback basin formed in the onshore portion of the thrustbelt, centered in the East Balkan Zone, with a southeastward plunging axis, which migrated northeastward with basin shortening and filling.
Sedimentology And Timing Of Hydrocarbon-seepage (Lower Eocene, Varna, Bulgaria)
Eva De Boever, Geologie, K.U. Leuven, Celestijnenlaan 200 E, 3001 Leuven, Belgium, phone: +32 16 32 77 98, eva.deboever@geo.kuleuven.be, Rudy Swennen, Geologie, K.U.Leuven, Celestijnenlaan 200E, 3001 Heverlee, Belgium, and Lyubomir Dimitrov, Institute of Oceanology, P.O. Box 152, 9000 Varna, Bulgaria.
In the Pobiti Kamani area (Varna, NE Bulgaria), Lower Eocene sandy sediments contain several clusters of up to 8m high calcite-cemented chimney structures. ?13C values as low as -43‰ V-PDB indicate a hydrocarbon-seepage related origin. The depositional sequence of the shallow marine platform sediments is characterized by several cemented stratal surfaces which are cross cut by chimney structures. In this contribution, the origin of the cemented surfaces is addressed based on sedimentological, petrographical and stable isotope geochemical data and the implications with respect to the timing of hydrocarbon seepage are evaluated. Grain size measurements in two continuous vertical sections allow to distinguish two depositional sequences. Transgressive (TS) and maximum flooding (MFS) surfaces are characterized by extensive calcite cementation, thus indicating a sequence stratigraphical control on cementation. Different cement-types have been recognized. The bulk stable isotope signature of these cements indicates precipitation from Lower Eocene marine pore fluids, affected by later meteoric resetting. ?13C depletions of the dominant pore cementing “mosaic” cement as low as -20.6‰ V-PDB however supports also a pre-compactional influence of hydrocarbon-seepage which decreases within m-distance from chimney clusters. The MFS near the top of the Dikilitash Formation is partly cemented by transparent poikilotopic calcite in keystone-type vugs and in interparticular porosity. Its very early diagenetic origin and ?13C depletion (-16‰ V-PDB) suggest that hydrocarbon-bearing fluids percolated through the sandy sediments near the seafloor at the end of ??the Upper Ypresian. Other coarse-grained,13C depleted (-26‰ V-PDB) concretionary horizons likely resulted from post-sedimentary lateral migration of seepage fluids.
Winter Sports Results
Posted on December 29, 2008 - by admin
Nicholas Marr asked:
The year 2006 saw unprecedented investment in Bulgarian real estate. Almost a third of properties in Bulgaria are being bought by foreign nationals with 20 to 35 year-old Britons now a big proportion of Bulgarian real estate buyers. According to reports Bulgaria has seen a significant increase in the numbers of 20 to 35 year-old Brits buying Bulgarian property. They now account for a fifth (20%) of all UK buyers and are prepared to pay more for their property.
The figures were revealed by Quest Bulgaria an English language monthly magazine for people living or buying property in Bulgaria. Quest Bulgaria Managing Director Chris Goodall: “High UK house prices are making it difficult for first time buyers, usually the younger age groups, to get on the first rung of the housing ladder. There is evidence international property clients are significant players in the market with 29% of all home transactions last year made by foreigners.”
The magazine also reports that the country is third most popular with UK property buyers with Spain top, France second then Bulgaria. Real Estate agent Martin Hunt of Living Bulgaria – said: “These young buyers have more money and are looking for better quality homes.” Concept Bulgaria says a staggering 95% of their customers are under 50.
The ultra-cheap Bulgaria that once attracted high risk investors or retiree holiday home owners is changing. The key is buyers can get a good quality, three-bedroom home in Bulgaria for £65,000 while the average house price in the UK is £215,000.
Real Estate agents confirms the rapid emergence of younger buyers while reporting a downturn of 15% among the over 50′s. It says younger end buyers with families are going to Bulgaria to live there permanently and establish their own businesses. Easier availability of mortgages and finance is helping too. One agent said “The situation is now much easier with the average length of time from application to sale down from nearly eight months last year to around just eight weeks.”
Bulgaria offers low priced Ski property and stands to be one of the most popular Ski areas in Europe.The boom is having a knock-on effect on the buy-to-let market. A three bed-roomed coastal villa now enjoys an average rental price of £550 per week giving a gross income of £5,500 a year if it is rented out for a ten-week period. A rural three-bed-room villa fetches an average £350 a week; a city or coastal apartment £250.
Winter Sports
The year 2006 saw unprecedented investment in Bulgarian real estate. Almost a third of properties in Bulgaria are being bought by foreign nationals with 20 to 35 year-old Britons now a big proportion of Bulgarian real estate buyers. According to reports Bulgaria has seen a significant increase in the numbers of 20 to 35 year-old Brits buying Bulgarian property. They now account for a fifth (20%) of all UK buyers and are prepared to pay more for their property.
The figures were revealed by Quest Bulgaria an English language monthly magazine for people living or buying property in Bulgaria. Quest Bulgaria Managing Director Chris Goodall: “High UK house prices are making it difficult for first time buyers, usually the younger age groups, to get on the first rung of the housing ladder. There is evidence international property clients are significant players in the market with 29% of all home transactions last year made by foreigners.”
The magazine also reports that the country is third most popular with UK property buyers with Spain top, France second then Bulgaria. Real Estate agent Martin Hunt of Living Bulgaria – said: “These young buyers have more money and are looking for better quality homes.” Concept Bulgaria says a staggering 95% of their customers are under 50.
The ultra-cheap Bulgaria that once attracted high risk investors or retiree holiday home owners is changing. The key is buyers can get a good quality, three-bedroom home in Bulgaria for £65,000 while the average house price in the UK is £215,000.
Real Estate agents confirms the rapid emergence of younger buyers while reporting a downturn of 15% among the over 50′s. It says younger end buyers with families are going to Bulgaria to live there permanently and establish their own businesses. Easier availability of mortgages and finance is helping too. One agent said “The situation is now much easier with the average length of time from application to sale down from nearly eight months last year to around just eight weeks.”
Bulgaria offers low priced Ski property and stands to be one of the most popular Ski areas in Europe.The boom is having a knock-on effect on the buy-to-let market. A three bed-roomed coastal villa now enjoys an average rental price of £550 per week giving a gross income of £5,500 a year if it is rented out for a ten-week period. A rural three-bed-room villa fetches an average £350 a week; a city or coastal apartment £250.
Winter Sports
Posted on December 29, 2008 - by admin
NYD Law asked:
Relevant taxes and fees when buying a property in Bulgaria
Buying and owning a property in Bulgaria is associated with paying relevant taxes just like when buying a property in the UK or any other country.
When buying a property in Bulgaria, a buyer needs to be aware that they are obliged to pay taxes in relation to both the acquisition of the property (property transfer tax) and the continual ownership of the property (annual property tax, rubbish tax) as well as tax on any income derived from this property (income tax).
With signing the Notary deed – the title deed for ownership of the property – the buyer becomes the full owner of the property and assumes all related rights and obligations. By signing of the Preliminary contract the buyer has only the right to receive the ownership over the property when all the installments have been transferred to the seller, but the seller remain the owner of the property till signing of the Notary deed for transferring the ownership.
I. Upon signing this ownership document the buyer is obliged to pay property transfer tax to the amount of 2% of the value of the property to be purchased. This is a fixed tax and is always 2% calculated on the higher value between the tax valuation of the property and the sale price shown in the Notary deed. Upon signing the Notary deed the buyer is also obliged to pay Notary fee according to the prescriptions of the Notary and the Notary Activity Act. The exact amount of the notary taxes is defined in Notary Taxes Tariff as follows:
Certified material interest in BGN Notary fee in BGN
Under 100.000 15.000
From 100. 001 to 1,000.000 15.000 plus 1.5 % for the amount over 100.000
From 1,000. 001 to 10,000 28.5 plus 1 % for the amount over 1, 000
From 10,000. 001 to 50,000 118.5 plus 0.5 % for the amount over 10, 000
From 50,000. 001 to 100,000 318.5 plus 0.2 % for the amount over 50, 000
Over 100,000 418.5 plus 0.1 % for the amount over 100,000 but less than 3,000
Upon signing the Notary deed the buyer pays Land registry fee of 0.1% of the price of the property the total amount for which is roughly 1% of the price of the property. All above stated fees could be divided between the seller and the buyer if it is stipulated in the Preliminary contract or in an appendix, which shall be non separated part of the preliminary contract.
In relation to their ownership of property in Bulgaria, foreign nationals and foreign legal entities who acquire real estate in Bulgaria are obliged to register at the Registry Agency under the registration system BULSTAT for issuance of an identification number within seven days as of acquiring of the property. The application for registration is to be submitted at the Registry Office in the region where the real estate is located. In addition to that they need to register the property in the Local Municipality and the Local Tax office.
For your convenience, we are mentioning all necessary documents for the notary procedure:
1. Draft a project of the Notary deed for transfer of property
2. Documents certifying the property right
3. Declarations by the parties certifying their civil, marital and property status, certified by the translator
4. Declaration by the person who acquire the property certifying the origin of the funds, certified by the translator
5. Certificate for tax assessment and paid taxes
6. Receipt for paid local tax for acquisition of real estate
II. After the buyer is already the owner of the property by signing of the Notary deed for the title, every year the owner is obliged to pay annual property tax, including council tax and tax for the rubbish. The size of these annual taxes is determined by the tax experts each year and depends on the size and the location of the property as well as on other factors.
III. If an owner is renting their property and deriving income from it, they are obliged to pay income tax in Bulgaria which will be different depending for instance on how the property is owned – whether by a physical person or by a company.
If the buyer rent the property as physical person, they will be paying a tax calculated on a scale as per the new Law on the Income of the Physical persons, after a legal allowance of 20% of the profit is deducted. Thus the owner is paying tax according to the mentioned formula on 80% of the profit.
If the property is owned trough a company, a corporate tax of 10% will be paid. If a buyer wishes to purchase more than two properties and develop investment business in Bulgaria, we normally advise them to buy the properties trough a company as it is more tax effective to do so and they will need an active company for their business purposes.
If a buyer decides to sell their property, provided they sell one property in one tax year, they will pay no capital gains tax. After 5 years of the acquisition of the property, they may sell two or more properties without paying capital gains tax.
We hope that we have been in assistance
NYD Law
Attorneys at law
Property law
Commercial law
Contract Law
Intellectual Property Law
Tax Law
Tel.: ++359 889555251
Fax: ++359 29173918
E-mail: n.zhelyazkova@nyd-law.com; y.valova@nyd-law.com
www.nyd-law.com
Relevant taxes and fees when buying a property in Bulgaria
Buying and owning a property in Bulgaria is associated with paying relevant taxes just like when buying a property in the UK or any other country.
When buying a property in Bulgaria, a buyer needs to be aware that they are obliged to pay taxes in relation to both the acquisition of the property (property transfer tax) and the continual ownership of the property (annual property tax, rubbish tax) as well as tax on any income derived from this property (income tax).
With signing the Notary deed – the title deed for ownership of the property – the buyer becomes the full owner of the property and assumes all related rights and obligations. By signing of the Preliminary contract the buyer has only the right to receive the ownership over the property when all the installments have been transferred to the seller, but the seller remain the owner of the property till signing of the Notary deed for transferring the ownership.
I. Upon signing this ownership document the buyer is obliged to pay property transfer tax to the amount of 2% of the value of the property to be purchased. This is a fixed tax and is always 2% calculated on the higher value between the tax valuation of the property and the sale price shown in the Notary deed. Upon signing the Notary deed the buyer is also obliged to pay Notary fee according to the prescriptions of the Notary and the Notary Activity Act. The exact amount of the notary taxes is defined in Notary Taxes Tariff as follows:
Certified material interest in BGN Notary fee in BGN
Under 100.000 15.000
From 100. 001 to 1,000.000 15.000 plus 1.5 % for the amount over 100.000
From 1,000. 001 to 10,000 28.5 plus 1 % for the amount over 1, 000
From 10,000. 001 to 50,000 118.5 plus 0.5 % for the amount over 10, 000
From 50,000. 001 to 100,000 318.5 plus 0.2 % for the amount over 50, 000
Over 100,000 418.5 plus 0.1 % for the amount over 100,000 but less than 3,000
Upon signing the Notary deed the buyer pays Land registry fee of 0.1% of the price of the property the total amount for which is roughly 1% of the price of the property. All above stated fees could be divided between the seller and the buyer if it is stipulated in the Preliminary contract or in an appendix, which shall be non separated part of the preliminary contract.
In relation to their ownership of property in Bulgaria, foreign nationals and foreign legal entities who acquire real estate in Bulgaria are obliged to register at the Registry Agency under the registration system BULSTAT for issuance of an identification number within seven days as of acquiring of the property. The application for registration is to be submitted at the Registry Office in the region where the real estate is located. In addition to that they need to register the property in the Local Municipality and the Local Tax office.
For your convenience, we are mentioning all necessary documents for the notary procedure:
1. Draft a project of the Notary deed for transfer of property
2. Documents certifying the property right
3. Declarations by the parties certifying their civil, marital and property status, certified by the translator
4. Declaration by the person who acquire the property certifying the origin of the funds, certified by the translator
5. Certificate for tax assessment and paid taxes
6. Receipt for paid local tax for acquisition of real estate
II. After the buyer is already the owner of the property by signing of the Notary deed for the title, every year the owner is obliged to pay annual property tax, including council tax and tax for the rubbish. The size of these annual taxes is determined by the tax experts each year and depends on the size and the location of the property as well as on other factors.
III. If an owner is renting their property and deriving income from it, they are obliged to pay income tax in Bulgaria which will be different depending for instance on how the property is owned – whether by a physical person or by a company.
If the buyer rent the property as physical person, they will be paying a tax calculated on a scale as per the new Law on the Income of the Physical persons, after a legal allowance of 20% of the profit is deducted. Thus the owner is paying tax according to the mentioned formula on 80% of the profit.
If the property is owned trough a company, a corporate tax of 10% will be paid. If a buyer wishes to purchase more than two properties and develop investment business in Bulgaria, we normally advise them to buy the properties trough a company as it is more tax effective to do so and they will need an active company for their business purposes.
If a buyer decides to sell their property, provided they sell one property in one tax year, they will pay no capital gains tax. After 5 years of the acquisition of the property, they may sell two or more properties without paying capital gains tax.
We hope that we have been in assistance
NYD Law
Attorneys at law
Property law
Commercial law
Contract Law
Intellectual Property Law
Tax Law
Tel.: ++359 889555251
Fax: ++359 29173918
E-mail: n.zhelyazkova@nyd-law.com; y.valova@nyd-law.com
www.nyd-law.com
Posted on December 29, 2008 - by admin
Emmy Wooh asked:
Bulgarian women dating for marriage at a Bulgarian dating site has been popular these days. There are many Bulgarian women looking for men online for dating and marriage. Bulgarian dating service offers the means to find Bulgarian singles on net. There is no fee for using the service. Bulgarian women for marriage are looking for their partners on the Internet. There are free Bulgarian dating services and pay ones so online singles can select which one they need to register to. Most of Bulgarian online agencies provide free registration, then charge members a fee to contact with members. There are some free Bulgarian singles services that offer 100% free to their members because they really want to help Western guys with Bulgarian ladies. These free dating sites usually have some ads on the web site to pay for the host and domain.
Statistics in recent years show that online Bulgarian dating services generate thousand of marriages a year. There are some Bulgarian scams who take this advantage as a means to scam Western men’s money. But this rarely happen now because Bulgarian women are screened for any criminal background before selection through Internet agencies. Free Bulgarian dating services just provide free dating services for members and you will be on your way after you get the other information, such as email address. Bulgarian dating services are means for Western men to get married with Bulgarian brides effectively. Many Bulgarian women register their profile with beautiful photos so that singles can contact them.
Generally speaking, Bulgarian women are very beautiful and hard workers, as well as educated. They want to change their lives by getting married with Western men. Some Bulgarian girls can speak and understand English, but some have the language barrier. The most important reason that Bulgarian women like getting married with Western guys is because they are treated and respected better than Bulgarian men do. We have seen many Bulgarian dating services online which help Western men to meet with Bulgarian girls and get married through a Bulgarian agency or by themselves.
Many Bulgarian girls have come to America by getting married with Western men through these Bulgarian dating sites. We see many Bulgarian dating services booming on this modern electronic world. Thanks to this modern electronic world, we can meet each other online just as a matter of minutes, through instant messenger or chat rooms or web cams. The matter is that you need to be careful when dealing with specific members. Care is always the first policy that we all need to pay attention to. Not every profile on these Bulgarian dating web sites are good profiles.
Website owners do not have time to review each profile that is posted on their on line dating services. Also, some Bulgarian females who just want to get married with Western men to come to that country. They will get divorced right after they get green card. So, you must be careful to learn from your Bulgarian female before making decision to bring her to America. Totally free Bulgarian dating website helps not only American men to find brides in Bulgaria, but also Bulgarian men to seek Bulgarian girls for dating and marriage.
Bulgarian women dating for marriage at a Bulgarian dating site has been popular these days. There are many Bulgarian women looking for men online for dating and marriage. Bulgarian dating service offers the means to find Bulgarian singles on net. There is no fee for using the service. Bulgarian women for marriage are looking for their partners on the Internet. There are free Bulgarian dating services and pay ones so online singles can select which one they need to register to. Most of Bulgarian online agencies provide free registration, then charge members a fee to contact with members. There are some free Bulgarian singles services that offer 100% free to their members because they really want to help Western guys with Bulgarian ladies. These free dating sites usually have some ads on the web site to pay for the host and domain.
Statistics in recent years show that online Bulgarian dating services generate thousand of marriages a year. There are some Bulgarian scams who take this advantage as a means to scam Western men’s money. But this rarely happen now because Bulgarian women are screened for any criminal background before selection through Internet agencies. Free Bulgarian dating services just provide free dating services for members and you will be on your way after you get the other information, such as email address. Bulgarian dating services are means for Western men to get married with Bulgarian brides effectively. Many Bulgarian women register their profile with beautiful photos so that singles can contact them.
Generally speaking, Bulgarian women are very beautiful and hard workers, as well as educated. They want to change their lives by getting married with Western men. Some Bulgarian girls can speak and understand English, but some have the language barrier. The most important reason that Bulgarian women like getting married with Western guys is because they are treated and respected better than Bulgarian men do. We have seen many Bulgarian dating services online which help Western men to meet with Bulgarian girls and get married through a Bulgarian agency or by themselves.
Many Bulgarian girls have come to America by getting married with Western men through these Bulgarian dating sites. We see many Bulgarian dating services booming on this modern electronic world. Thanks to this modern electronic world, we can meet each other online just as a matter of minutes, through instant messenger or chat rooms or web cams. The matter is that you need to be careful when dealing with specific members. Care is always the first policy that we all need to pay attention to. Not every profile on these Bulgarian dating web sites are good profiles.
Website owners do not have time to review each profile that is posted on their on line dating services. Also, some Bulgarian females who just want to get married with Western men to come to that country. They will get divorced right after they get green card. So, you must be careful to learn from your Bulgarian female before making decision to bring her to America. Totally free Bulgarian dating website helps not only American men to find brides in Bulgaria, but also Bulgarian men to seek Bulgarian girls for dating and marriage.
Posted on December 29, 2008 - by admin
K Damian Qualter BA MBA asked:
Bulgarian Property Investment Tax Basics
The Bulgarian property tax structure may appeal to you if you are sick of paying inflated local fees in your area and are looking for something better. Many foreign investors and second home owners buy property in Bulgaria because the property taxes in Bulgaria are a lot lower than the property taxes in their locale. Bulgarian property tax is one of the most popular topics on property forums these days. The information below will help you cut through the confusion.
PROPERTY PURCHASE TAX
Chances are this will be the first Bulgarian property tax you will come across. When you buy property in Bulgaria, the property will be subject to a notary and a municipal tax. The notary tax is paid on the higher end of the market price or the book value of the property. You actual rates will vary and are usually less than 1%. Not to mention that 2% of the market value of the property is paid as a municipal tax. This money eventually goes to the municipality in where the property is situated. You will pay these taxes after you have signed the notary deed.
ANNUAL PROPERTY TAX
All property owners in Bulgaria have to pay an annual property tax just like anywhere else. The current annual tax rate for a house is 0.15% of the capital value of the property. So for example, if a house cost 20,000 on purchase, the annual Bulgarian property tax payable would be 30.
Aside form this tax; the owners also have to pay a waste-collection tax. The rate for this greatly depends on the location and size of the place. The amount of tax that is payable is usually about £30 a year for rural property and about £100 per year for apartments in the larger city centres. You must also think of the non-tax costs when you buy in Bulgaria. If you have an investment apartment in Bulgaria, you are obligated to pay annual maintenance charges and management costs. These are much like annual service charges that you must pay on Apartments in order to cover managing agents as part of the upkeep of the common area. These charges will vary according to the different types of property.
PROPERTY RENTAL TAX
If you rent out your property (sublet or landlord), then the profits from the rent that you get will be taxed for the accounting year in question. If you live in Bulgaria, the tax is assessed in accordance with your tax status in Bulgaria. This status is based on a table that has different tax rates. If you are not living there, you will be taxed on a flat rate of 15% on the taxable profit. You will also have to consider any additional taxes that you have to pay in your home country.
COMPANY TAX
If you own a company in Bulgaria, you should note that in January 2005 the rate of income tax for a corporation in Bulgaria was reduced from 19.5% to 15%. The tax year in Bulgaria ends on the 31st of December. A limited company has no choice but to file an annual report by the 31st of March. If you incorporated a limited company sp that you could purchase a house or land, then there will be no tax liability, as the company was not trading at the time of the purchase. However, you still have to submit company accounts to the Companies’ House Register in Bulgaria every year if you are going to satisfy the authorities that the company was not trading. This is a legal requirement that must be accomplished. Accountants in Bulgaria can carry out this service at a reasonable cost if you need it.
VALUE ADDED TAX (VAT)
Any actions that involve land and lease of property for residential purposes are exempt from the VAT Tax. However if you have purchased a property as a limited company, then when you come to sell your property you may have to add VAT to your sale price. Right now you must register your company for VAT if the turnover is higher than 50,000 Leva.
VAT in Bulgaria is currently set at 20%. So in effect; it’s actually higher than it is in the UK (17.5%). I would advise you to get a good accountant either in Bulgaria or your home country to handle these matters for you. Just make sure that the accountant specializes in overseas property tax.
Bulgarian Property Investment Tax Basics
The Bulgarian property tax structure may appeal to you if you are sick of paying inflated local fees in your area and are looking for something better. Many foreign investors and second home owners buy property in Bulgaria because the property taxes in Bulgaria are a lot lower than the property taxes in their locale. Bulgarian property tax is one of the most popular topics on property forums these days. The information below will help you cut through the confusion.
PROPERTY PURCHASE TAX
Chances are this will be the first Bulgarian property tax you will come across. When you buy property in Bulgaria, the property will be subject to a notary and a municipal tax. The notary tax is paid on the higher end of the market price or the book value of the property. You actual rates will vary and are usually less than 1%. Not to mention that 2% of the market value of the property is paid as a municipal tax. This money eventually goes to the municipality in where the property is situated. You will pay these taxes after you have signed the notary deed.
ANNUAL PROPERTY TAX
All property owners in Bulgaria have to pay an annual property tax just like anywhere else. The current annual tax rate for a house is 0.15% of the capital value of the property. So for example, if a house cost 20,000 on purchase, the annual Bulgarian property tax payable would be 30.
Aside form this tax; the owners also have to pay a waste-collection tax. The rate for this greatly depends on the location and size of the place. The amount of tax that is payable is usually about £30 a year for rural property and about £100 per year for apartments in the larger city centres. You must also think of the non-tax costs when you buy in Bulgaria. If you have an investment apartment in Bulgaria, you are obligated to pay annual maintenance charges and management costs. These are much like annual service charges that you must pay on Apartments in order to cover managing agents as part of the upkeep of the common area. These charges will vary according to the different types of property.
PROPERTY RENTAL TAX
If you rent out your property (sublet or landlord), then the profits from the rent that you get will be taxed for the accounting year in question. If you live in Bulgaria, the tax is assessed in accordance with your tax status in Bulgaria. This status is based on a table that has different tax rates. If you are not living there, you will be taxed on a flat rate of 15% on the taxable profit. You will also have to consider any additional taxes that you have to pay in your home country.
COMPANY TAX
If you own a company in Bulgaria, you should note that in January 2005 the rate of income tax for a corporation in Bulgaria was reduced from 19.5% to 15%. The tax year in Bulgaria ends on the 31st of December. A limited company has no choice but to file an annual report by the 31st of March. If you incorporated a limited company sp that you could purchase a house or land, then there will be no tax liability, as the company was not trading at the time of the purchase. However, you still have to submit company accounts to the Companies’ House Register in Bulgaria every year if you are going to satisfy the authorities that the company was not trading. This is a legal requirement that must be accomplished. Accountants in Bulgaria can carry out this service at a reasonable cost if you need it.
VALUE ADDED TAX (VAT)
Any actions that involve land and lease of property for residential purposes are exempt from the VAT Tax. However if you have purchased a property as a limited company, then when you come to sell your property you may have to add VAT to your sale price. Right now you must register your company for VAT if the turnover is higher than 50,000 Leva.
VAT in Bulgaria is currently set at 20%. So in effect; it’s actually higher than it is in the UK (17.5%). I would advise you to get a good accountant either in Bulgaria or your home country to handle these matters for you. Just make sure that the accountant specializes in overseas property tax.
Posted on December 29, 2008 - by admin
Surrinder Ahitan asked:
Whether you’re looking for a cheap property in Bulgaria for your next family home, or for a place for vacation during your time off, you’ll want to make sure you know how to get the most affordable property for your money.
Here are a couple of tips and suggestions to make sure that you’re searching properly for cheap property in Bulgaria, and that you find a home that you can be completely satisfied with.
Bulgarian property is among the cheapest to buy in Europe, and is ideal for living because of the rich culture of the people, and the history of the area. And, since the cost of living is so low, you can find property there that is of good quality fairly easily.
Many people choose to buy older homes in Bulgaria, and then renovate them, so that the houses will be worth more should the owner decide to sell. An older home in Bulgaria generally costs around 20,000 pounds (which is extremely affordable for the average ‘middle-class- Bulgarian), and there are even a few new developments in Bulgaria that are considered beachfront property. These new homes are still affordable, and many Europeans are taking advantage of the great views the properties offer, as well as the fact that most of these homes are in or close to beautiful villages, historic towns, and resort areas.
If you’re thinking of purchasing cheap property in Bulgaria, do your homework first.
On the left navbar you will find links to the best areas to invest and have a basic understanding of the Bulgarian property market.
Bulgarian Properties
Whether you’re looking for a cheap property in Bulgaria for your next family home, or for a place for vacation during your time off, you’ll want to make sure you know how to get the most affordable property for your money.
Here are a couple of tips and suggestions to make sure that you’re searching properly for cheap property in Bulgaria, and that you find a home that you can be completely satisfied with.
Bulgarian property is among the cheapest to buy in Europe, and is ideal for living because of the rich culture of the people, and the history of the area. And, since the cost of living is so low, you can find property there that is of good quality fairly easily.
Many people choose to buy older homes in Bulgaria, and then renovate them, so that the houses will be worth more should the owner decide to sell. An older home in Bulgaria generally costs around 20,000 pounds (which is extremely affordable for the average ‘middle-class- Bulgarian), and there are even a few new developments in Bulgaria that are considered beachfront property. These new homes are still affordable, and many Europeans are taking advantage of the great views the properties offer, as well as the fact that most of these homes are in or close to beautiful villages, historic towns, and resort areas.
If you’re thinking of purchasing cheap property in Bulgaria, do your homework first.
On the left navbar you will find links to the best areas to invest and have a basic understanding of the Bulgarian property market.
Bulgarian Properties
Posted on December 29, 2008 - by admin
Ken Wilson asked:
Bulgaria is becoming a state that attracts tourists from all over the Balkan area because of its incredible beauty. A Bulgarian property for sale will always be what the investors are looking for. But why let the investors buy all the properties? Bulgaria is a country that is worth living in and investing in it.
The Bulgarian real estate market is a blooming business which has been growing in value a lot in the past few years. Lots of investors are starting to notice this fact and are taking advantage in buying a property for sale in Bulgaria that they think will be rentable. Ski resort, Black Sea beach resorts, Bulgaria’s got them all inside a fantastic array of mountains.
If you wish to buy a property for sale in Bulgaria, you can buy from a foreign country directly or through a local company, but only residents can buy land, people from foreign countries can only buy buildings. If you desire to buy a residential flat in Bulgaria, then you can expect the best quality and absolutely everything you paid for will be ready when we promised. Maybe you’re thinking that turn key apartments like these are some kind of dream, but I can firmly guarantee that you definitely will receive what you paid for.
When you see a property for sale in Bulgaria, just take a moment to think about it and you will surely realize that Bulgaria is a country worthy of investing in, especially in places with tourist attractions. This kind of land is guaranteed to bring you some profit, but it all depends after all of what you have in mind to do with it. In Bulgaria there is a large demand for new houses and apartments, so if you somewhere find a Bulgarian property for sale, you should think twice about how much profit it can bring you as the time passes.
Bulgaria is a very civilized country that is a member of the European Union, and also a member of NATO. Due to the integration in the European Union, Bulgaria has seen a huge economy growth in the past couple of years and all figures seem to indicate that this is the best time for a property investment. Properties for sale in Bulgaria have a high rate of appreciation and they get more and more expensive each year with about 15%, so everyone should take a risk and invest in a Bulgarian property for sale and the results will soon appear.
I consider Bulgaria a family-friendly environment because of all the surrounding nature and the simply stunning landscape that are dominating. Like in any other country, the Bulgarian property for sale that has the most impressive landscape is also the most expensive, but as I said before, the properties appreciate really fast, so the more you invest, the more you can win out of your investment.
Most people won’t agree to move somewhere far from home, but I can assure them Bulgaria is all worth it and it will make your kids really happy because there are lots of places where they can have unlimited amounts of fun. Almost all of these advantages are noticeable just by looking at a property for sale in Bulgaria. Just try to imagine yourself inside a wonderful old-style house surrounded by forest and mountains. This is the moment to buy a property in Bulgaria and I hope as many people as possible will agree with me and will take a look at this alternative.
Properties in Bulgaria
Bulgaria is becoming a state that attracts tourists from all over the Balkan area because of its incredible beauty. A Bulgarian property for sale will always be what the investors are looking for. But why let the investors buy all the properties? Bulgaria is a country that is worth living in and investing in it.
The Bulgarian real estate market is a blooming business which has been growing in value a lot in the past few years. Lots of investors are starting to notice this fact and are taking advantage in buying a property for sale in Bulgaria that they think will be rentable. Ski resort, Black Sea beach resorts, Bulgaria’s got them all inside a fantastic array of mountains.
If you wish to buy a property for sale in Bulgaria, you can buy from a foreign country directly or through a local company, but only residents can buy land, people from foreign countries can only buy buildings. If you desire to buy a residential flat in Bulgaria, then you can expect the best quality and absolutely everything you paid for will be ready when we promised. Maybe you’re thinking that turn key apartments like these are some kind of dream, but I can firmly guarantee that you definitely will receive what you paid for.
When you see a property for sale in Bulgaria, just take a moment to think about it and you will surely realize that Bulgaria is a country worthy of investing in, especially in places with tourist attractions. This kind of land is guaranteed to bring you some profit, but it all depends after all of what you have in mind to do with it. In Bulgaria there is a large demand for new houses and apartments, so if you somewhere find a Bulgarian property for sale, you should think twice about how much profit it can bring you as the time passes.
Bulgaria is a very civilized country that is a member of the European Union, and also a member of NATO. Due to the integration in the European Union, Bulgaria has seen a huge economy growth in the past couple of years and all figures seem to indicate that this is the best time for a property investment. Properties for sale in Bulgaria have a high rate of appreciation and they get more and more expensive each year with about 15%, so everyone should take a risk and invest in a Bulgarian property for sale and the results will soon appear.
I consider Bulgaria a family-friendly environment because of all the surrounding nature and the simply stunning landscape that are dominating. Like in any other country, the Bulgarian property for sale that has the most impressive landscape is also the most expensive, but as I said before, the properties appreciate really fast, so the more you invest, the more you can win out of your investment.
Most people won’t agree to move somewhere far from home, but I can assure them Bulgaria is all worth it and it will make your kids really happy because there are lots of places where they can have unlimited amounts of fun. Almost all of these advantages are noticeable just by looking at a property for sale in Bulgaria. Just try to imagine yourself inside a wonderful old-style house surrounded by forest and mountains. This is the moment to buy a property in Bulgaria and I hope as many people as possible will agree with me and will take a look at this alternative.
Properties in Bulgaria
Posted on December 29, 2008 - by admin
valko asked:
Building plot(yard) in NIKOLAEVKA Village(Varna)
An owner sells big plot of 3000m2 of regulation land in Nikolaevka village, Varna region. Distance to the coastal city of Varna is 28 km
(18 miles) and to International Airport is 23km(13 miles)-for less than
15 minutes drive. The village of Nikolaevka is known with the dam lakes and the several new investment projects(SPA resort, holiday complex). The yard is located on the exit of the village to Drandar village with a view to the central part. Electricity, water, telephone line, cable ?V is of the border of the plot. The village is big, well developed and it has shops, food stores, medical centre, post office, pub. The neighbors are english family. The ready project for the two separate houses. The opportunity for the separation. PRICE: 30000€ / 22500£
*Legal fees and taxes are NOT included in the price.
An owner sells big plot of 3000m2 of regulation land in Nikolaevka village, Varna region. Distance to the coastal city of Varna is 28 km
(18 miles) and to International Airport is 23km(13 miles)-for less than
15 minutes drive. The village of Nikolaevka is known with the dam lakes and the several new investment projects(SPA resort, holiday complex). The yard is located on the exit of the village to Drandar village with a view to the central part. Electricity, water, telephone line, cable ?V is of the border of the plot. The village is big, well developed and it has shops, food stores, medical centre, post office, pub. The neighbors are english family. The ready project for the two separate houses. The opportunity for the separation. PRICE: 30000€ / 22500£
*Legal fees and taxes are NOT included in the price.
Bulgarian Properties
Building plot(yard) in NIKOLAEVKA Village(Varna)
An owner sells big plot of 3000m2 of regulation land in Nikolaevka village, Varna region. Distance to the coastal city of Varna is 28 km
(18 miles) and to International Airport is 23km(13 miles)-for less than
15 minutes drive. The village of Nikolaevka is known with the dam lakes and the several new investment projects(SPA resort, holiday complex). The yard is located on the exit of the village to Drandar village with a view to the central part. Electricity, water, telephone line, cable ?V is of the border of the plot. The village is big, well developed and it has shops, food stores, medical centre, post office, pub. The neighbors are english family. The ready project for the two separate houses. The opportunity for the separation. PRICE: 30000€ / 22500£
*Legal fees and taxes are NOT included in the price.
An owner sells big plot of 3000m2 of regulation land in Nikolaevka village, Varna region. Distance to the coastal city of Varna is 28 km
(18 miles) and to International Airport is 23km(13 miles)-for less than
15 minutes drive. The village of Nikolaevka is known with the dam lakes and the several new investment projects(SPA resort, holiday complex). The yard is located on the exit of the village to Drandar village with a view to the central part. Electricity, water, telephone line, cable ?V is of the border of the plot. The village is big, well developed and it has shops, food stores, medical centre, post office, pub. The neighbors are english family. The ready project for the two separate houses. The opportunity for the separation. PRICE: 30000€ / 22500£
*Legal fees and taxes are NOT included in the price.
Bulgarian Properties
Posted on December 29, 2008 - by admin
Scott James asked:
Bulgaria, a former communist country is one of the new and rapidly developing economies and new democracies within Eastern Europe Bulgaria is now a fully fledged member of the European Union having gone through the full process of admission in the so- called latest “in-take.” Economically Bulgaria like a lot of the former communist countries of Eastern Europe has seen good times and bad times and at the moment things appear to be on the good side.
Bulgaria has experienced what could be described as macro economic stability and strong growth since the major economic downturn in 1996 led to the downfall of the then socialist government. As the result of political upheaval the ensuing government became committed to economic reform planning and more importantly responsible fiscal planning.
Traditional economic interests and industries are important still in Bulgaria and basic minerals including coal, copper and zinc etc. play an important part in Bulgarian industry.
Economically Bulgaria things took a major turn in 1997 when the foundling macro economic stability was reinforced by the imposition of a fixed rate of exchange against the German D-mark and the negotiation of a standby agreement gave the International Monetary Fund the so called IMF.
Subsequent to this steady progress on proposed structural reforms coupled with low inflation have improved a business environment; and as such Bulgaria has managed to average around 4 % growth since 2000 and has at last managed to attract significant amounts of foreign direct investment.
Though the political and economic climate has improved in all areas there are still problem areas such it is best to try and avoid. Alongside any of the other former communist regime’s corruption in public administration involved area have delayed reforms this coupled with the week judiciary and the presence off organized crime are probably combined to make the largest challenges this fledgling Democracy has had to face.
Though not technically regarded as one of the many industries in Bulgaria, the property market has now started to come of age. Property prices involved in Bulgaria rank amongst some of the cheapest in Europe. Matt having said since Bulgaria joined the European Union price is on property and real estate on now rising.
Unlike other countries it is expected to see a surge in property values in Bulgaria continue.
It was argued at the time by the international Herald entry. But they reckoned it was impossible to make losing investments in Bulgaria’s real estate sector.
Again like some of the other former communist countries of Eastern Europe Bulgaria is playing fairly serious catch up on the economic front.
In one year in the late 90s residential property allegedly went up 36.6% and it is forecast that property prices though still much lower than the rest of the Central and Eastern European countries like Romania, Slovakia, and the Czech Republic are still likely to remain buoyant.
Real Estate has turned out to be one of Bulgaria’s fasted growing economic sectors data from the National Property Association shows. International analysts said however that it is not the influx of foreign capital as the driving force that is keeping the Bulgarian market buoyant rather the growth in the Domestic Economy played an important role also.
Winter Sports Bulgaria
Bulgaria, a former communist country is one of the new and rapidly developing economies and new democracies within Eastern Europe Bulgaria is now a fully fledged member of the European Union having gone through the full process of admission in the so- called latest “in-take.” Economically Bulgaria like a lot of the former communist countries of Eastern Europe has seen good times and bad times and at the moment things appear to be on the good side.
Bulgaria has experienced what could be described as macro economic stability and strong growth since the major economic downturn in 1996 led to the downfall of the then socialist government. As the result of political upheaval the ensuing government became committed to economic reform planning and more importantly responsible fiscal planning.
Traditional economic interests and industries are important still in Bulgaria and basic minerals including coal, copper and zinc etc. play an important part in Bulgarian industry.
Economically Bulgaria things took a major turn in 1997 when the foundling macro economic stability was reinforced by the imposition of a fixed rate of exchange against the German D-mark and the negotiation of a standby agreement gave the International Monetary Fund the so called IMF.
Subsequent to this steady progress on proposed structural reforms coupled with low inflation have improved a business environment; and as such Bulgaria has managed to average around 4 % growth since 2000 and has at last managed to attract significant amounts of foreign direct investment.
Though the political and economic climate has improved in all areas there are still problem areas such it is best to try and avoid. Alongside any of the other former communist regime’s corruption in public administration involved area have delayed reforms this coupled with the week judiciary and the presence off organized crime are probably combined to make the largest challenges this fledgling Democracy has had to face.
Though not technically regarded as one of the many industries in Bulgaria, the property market has now started to come of age. Property prices involved in Bulgaria rank amongst some of the cheapest in Europe. Matt having said since Bulgaria joined the European Union price is on property and real estate on now rising.
Unlike other countries it is expected to see a surge in property values in Bulgaria continue.
It was argued at the time by the international Herald entry. But they reckoned it was impossible to make losing investments in Bulgaria’s real estate sector.
Again like some of the other former communist countries of Eastern Europe Bulgaria is playing fairly serious catch up on the economic front.
In one year in the late 90s residential property allegedly went up 36.6% and it is forecast that property prices though still much lower than the rest of the Central and Eastern European countries like Romania, Slovakia, and the Czech Republic are still likely to remain buoyant.
Real Estate has turned out to be one of Bulgaria’s fasted growing economic sectors data from the National Property Association shows. International analysts said however that it is not the influx of foreign capital as the driving force that is keeping the Bulgarian market buoyant rather the growth in the Domestic Economy played an important role also.
Winter Sports Bulgaria
Posted on December 29, 2008 - by admin
Sejal asked:
The market research report, “Bulgaria Banking Sector Analysis”, is an analytical study of the thriving banking industry of the southeastern European country, Bulgaria. It evaluates the product quality and the services provided by the Bulgarian banking industry. This report helps clients to dissect the leading-edge opportunities critical to the success of the banking industry in the country and detailed data supported with analysis helps investors, financial service providers, and global banking players to navigate through it.
Market Analysis
The demand for banking services has grown as confidence in the sector has gradually returned and incomes increased since 1997. Total assets of the commercial banks rose by 45% in local-currency terms in 2005 and are estimated to have grown by around 23% in 2006. Banks have increased their lending, particularly to households, and have shifted away from their previous pattern of holding large deposits overseas. With the government running a budget surplus since 2003, lending to the private sector has been growing more quickly than total lending. After these increases, loans to the non-financial sector accounted for 66% of deposits in September 2006.
The Bulgarian economy is still mainly cash-oriented, but the use of debit cards is increasing. Credit cards are still not often used in the country, but the expansion of e-commerce and international travel is boosting the demand for this service in the country. Moreover, the creation of a centralized credit-reporting agency in 2004 will make it easier for the banks to offer credit cards to their customers.
Key Findings
Bulgaria is one of the fastest growing countries in Eastern Europe by assets, loans, deposits and profitability of the sector.
Housing mortgage loans is one of the hottest markets for the Bulgarian banking industry and is forecasted to grow at a CAGR of nearly 88% for the period spanning from 2007 to 2010.
The credit card market in Bulgaria is all set to take off in a big way as it has a significant potential for expansion because only 3% of payment transactions are made by credit card.
Point of Sale (POS) Terminals are growing more rapidly as compared to ATMs in Bulgaria.
Among the deposits category, time deposits are anticipated to take lead over other kind of deposits from 2007 to 2010.
Key Issues & Facts
Why Bulgaria is an attractive banking market?
How competitive is the Bulgarian banking industry?
What is hottest market for bank loans?
What kind of deposits are set to boom?
What are the various opportunities and challenges for the industry?
What are the prospective areas of investment for the banks in near future?
Which factors will lead to the growth of payment cards, loans and deposits in Bulgaria?
Key Players
This section provides business overview and key financials of top players operating in the Bulgarian banking industry, including DSK Bank, Bulbank, United Bulgarian Bank (UBB), Raiffeisenbank and First Investment Bank.
Research Methodology Used
Information Sources
Information has been sourced from various authentic sources like books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to over 3000 paid databases.
Analysis Methods
The in-depth analysis of the report has been done by using several methods, like ratio analysis, historical trend analysis, and linear regression analysis using software tools, judgmental forecasting and cause and effect analysis.
For further information kindly visit: http://www.bharatbook.com/detail.asp?id=71292
Contact Us:
Bharat Book Bureau,
207, Hermes Atrium,
CBD Belapur, Navi Mumbai – 400614
email: info@bharatbook.com
Website: http://www.bharatbook.com/
Tel: +91 22 27578668/ 27579438
Fax: +91 2227579131
Property in Bulgaria
The market research report, “Bulgaria Banking Sector Analysis”, is an analytical study of the thriving banking industry of the southeastern European country, Bulgaria. It evaluates the product quality and the services provided by the Bulgarian banking industry. This report helps clients to dissect the leading-edge opportunities critical to the success of the banking industry in the country and detailed data supported with analysis helps investors, financial service providers, and global banking players to navigate through it.
Market Analysis
The demand for banking services has grown as confidence in the sector has gradually returned and incomes increased since 1997. Total assets of the commercial banks rose by 45% in local-currency terms in 2005 and are estimated to have grown by around 23% in 2006. Banks have increased their lending, particularly to households, and have shifted away from their previous pattern of holding large deposits overseas. With the government running a budget surplus since 2003, lending to the private sector has been growing more quickly than total lending. After these increases, loans to the non-financial sector accounted for 66% of deposits in September 2006.
The Bulgarian economy is still mainly cash-oriented, but the use of debit cards is increasing. Credit cards are still not often used in the country, but the expansion of e-commerce and international travel is boosting the demand for this service in the country. Moreover, the creation of a centralized credit-reporting agency in 2004 will make it easier for the banks to offer credit cards to their customers.
Key Findings
Bulgaria is one of the fastest growing countries in Eastern Europe by assets, loans, deposits and profitability of the sector.
Housing mortgage loans is one of the hottest markets for the Bulgarian banking industry and is forecasted to grow at a CAGR of nearly 88% for the period spanning from 2007 to 2010.
The credit card market in Bulgaria is all set to take off in a big way as it has a significant potential for expansion because only 3% of payment transactions are made by credit card.
Point of Sale (POS) Terminals are growing more rapidly as compared to ATMs in Bulgaria.
Among the deposits category, time deposits are anticipated to take lead over other kind of deposits from 2007 to 2010.
Key Issues & Facts
Why Bulgaria is an attractive banking market?
How competitive is the Bulgarian banking industry?
What is hottest market for bank loans?
What kind of deposits are set to boom?
What are the various opportunities and challenges for the industry?
What are the prospective areas of investment for the banks in near future?
Which factors will lead to the growth of payment cards, loans and deposits in Bulgaria?
Key Players
This section provides business overview and key financials of top players operating in the Bulgarian banking industry, including DSK Bank, Bulbank, United Bulgarian Bank (UBB), Raiffeisenbank and First Investment Bank.
Research Methodology Used
Information Sources
Information has been sourced from various authentic sources like books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to over 3000 paid databases.
Analysis Methods
The in-depth analysis of the report has been done by using several methods, like ratio analysis, historical trend analysis, and linear regression analysis using software tools, judgmental forecasting and cause and effect analysis.
For further information kindly visit: http://www.bharatbook.com/detail.asp?id=71292
Contact Us:
Bharat Book Bureau,
207, Hermes Atrium,
CBD Belapur, Navi Mumbai – 400614
email: info@bharatbook.com
Website: http://www.bharatbook.com/
Tel: +91 22 27578668/ 27579438
Fax: +91 2227579131
Property in Bulgaria
