Scottish Profits For Bulgarian Ruin

This is terrible news. Why on earth can’t they just leave natural oil and gas alone and invest in greener renewable fuel? How about wave and wind power on the coastline rather than raping the area? When it runs out and it will what is left? Nothing will be left other than scarred land and sea, which is un-repairable. Bad news all round for Bulgaria to my eyes with this development. I’d be tempted to tell the Scottish company to sling their hook and go back to Scotland – They haven’t Bulgaria at heart, it’s business and it’s all about short term profits for them and long term problems ahead for Bulgaria.

Scottish-based oil and gas company Melrose Resources PLC announced on July 14 that it contemplated to generate 11.2 million British pounds sterling, or 13.1 million euro, with which it will facilitate its exploration in Bulgaria.

On July 14 the company sold 4.5 million shares, the proceeds of which will be allocated to the exploration of an offshore oil well, in the north-eastern seaside town of Kaliakra, business.scotsman,com has reported.

This is the latest development in the company's operations in the country, following the announcement on December 6 2007 by the Bulgarian government that it had granted the UK company a three-year permit to conduct offshore surveys. With that, Melrose Resources PLC was effectively given the green light to explore the Black Sea coastline along the Bulgarian coast for oil and gas.

Source: www.sofiaecho.com