Black Sea Route Out Of Gas Dependence

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BMI View: Interest in Bulgaria's offshore Khan Asparuh block is indicative of the growing appeal of the Black Sea as a frontier target for oil and gas exploration. Expected growth in gas demand, particularly in Europe, will continue to fuel the exploratory drive there. Bulgaria's interest in marketing its Black Sea potential also stems from a desire to curtail gas import reliance on Russia, as well as avoiding having to tap into its potential shale gas resources to ramp up domestic gas production.