Oil and Gas Exploration and Production

What Oil and Gas Exploration and Production does

Oil and Gas Exploration and Production AD (Проучване и добив на нефт и газ АД) is a Bulgarian joint-stock company operating the complete vertical chain of oil and gas exploration, development, extraction, and refining on domestic territory. The company is the legal successor to the main geological exploration, research, and production enterprises of the Bulgarian oil industry, with over 50 years of operational history. It holds 12 state concession agreements covering oil and/or natural gas extraction across fields including Marinov Geran, Dolni Dabnik, Tyulenovo, Gorni Dabnik, Staroseltsi, and others, and has expanded into offshore Black Sea shelf exploration at the Shabla Block (2,776 sq km) and Block 1-4 Kavarna (414.6 sq km).

The company's core technology base covers 2D and 3D seismic surveys (including over 1,100 linear km of marine surveys offshore), deep exploration and production drilling, well logging services, and crude oil refining. Primary products are crude oil and natural gas sold entirely on the Bulgarian domestic market, with refined petroleum products — including BAS-L solvent, mineral turpentine, low-sulfur diesel, and boiler fuel — produced through its Bulgarian Oil Refinery subsidiary. The company also markets specialized oilfield services (seismic, drilling, geological, pipeline construction) to external industry customers.

Revenue is generated through crude oil sales, natural gas sales, refined petroleum product sales, and specialized oilfield services. Distribution runs through a wholly-owned gas station chain under the CHIMOIL brand operated by subsidiary Chimoil BG. The company maintains four wholly-owned subsidiaries covering refining, retail fuel distribution, equipment supply, and publishing, and is publicly listed on the Bulgarian Stock Exchange (ticker: NGAZ).

Name

Oil and Gas Exploration and Production

Legal name

Проучване и добив на нефт и газ АД

Website

https://ogep-bg.com

Company type

Private

Founded year

1947

Operating status

Operating

Headcount range

251–500 employees

Short description

Oil and Gas Exploration and Production AD is a Bulgarian integrated oil and gas E&P company holding 12 state concession agreements for onshore and offshore extraction, with downstream refining and a domestic retail fuel station chain under the CHIMOIL brand.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Petroleum Refineries (324110), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311), Petroleum Refining (2911), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Distillation & Fractionation (Crude, Condensate & NGL Splitters) (EUALAGAD)

akta.pro secondary industries

Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG), Refinery Blending & Product Quality Control (Gasoline/Diesel/Jet Blending, Additives) (EUALAGAJ), Retail Service Station Operations (Company-Owned & Dealer-Operated) (EUALAIAA)

Keywords

• Oil and gas exploration
• Crude oil production
• Natural gas extraction
• Petroleum refining
• Seismic survey services

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Crude Oil Sales: Extraction and sale of crude oil from 12 concession areas across Bulgaria, sold entirely on the domestic market
2. Natural Gas Sales: Extraction and sale of natural gas from multiple gas fields, sold entirely on the domestic market
3. Oil Refining and Processing: Refining crude oil and condensate into petroleum products including solvents, thinners, illuminating kerosene, diesel fuel, industrial gas oil, and boiler fuels through subsidiary Bulgarian Oil Refinery
4. Specialized Oilfield Services: Provides specialized services including seismic surveys, drilling operations, geological studies, and construction of oil and gas pipelines to external customers

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Oil and Gas Exploration and Production AD conducts the full cycle of oil and gas exploration, development, extraction, and downstream refining across 12 concession areas in Bulgaria, producing crude oil and natural gas sold entirely on the domestic market. Through its Bulgarian Oil Refinery subsidiary, it refines crude oil and condensate into petroleum products including BAS-L solvent, thinners, kerosene, diesel, industrial gas oil, and boiler fuels. The company also provides specialized oilfield services such as 2D/3D seismic surveys, deep drilling, well logging, and geological/geophysical interpretation to external industry customers.

Product overview

Oil and Gas Exploration and Production AD operates as a single integrated enterprise conducting the full spectrum of oil and gas activities in Bulgaria. The company offers two primary products: crude oil (суров нефт) and natural gas (природен газ), both extracted from company-operated fields and sold entirely on the domestic market. Through its Bulgarian Petroleum Refinery (Българска петролна рафинерия) subsidiary, the company also produces refined petroleum products including БАС-L solvent, mineral turpentine, low-sulfur diesel, and boiler fuel. The company holds 12 production concession agreements covering oil and gas extraction across Bulgaria.

Differentiator

Problem solved

Functional benefit

Brands

• БАС-L: BAS-L solvent product produced by Bulgarian Oil Refinery subsidiary for lacquering industry.
• ХИМОЙЛ

Products and services

• Crude Oil (Суров нефт) Crude oil extracted from company-operated oil fields in Bulgaria across 12 concession areas, sold entirely to the domestic Bulgarian market for industrial and refining use.
• Natural Gas (Природен газ) Natural gas extracted from multiple gas fields across Bulgaria under company concession agreements, sold entirely on the domestic Bulgarian market for industrial energy use.
• BAS-L Solvent (БАС-L) Solvent product for the paint and lacquer industry, produced by the Bulgarian Petroleum Refinery (Българска петролна рафинерия) subsidiary from crude oil and condensate processing.
• Mineral Turpentine (Минерален терпентин) Mineral turpentine solvent product manufactured by the Bulgarian Petroleum Refinery subsidiary from crude oil and condensate processing.
• Low-Sulfur Diesel (Газьол със съдържание на сяра до 0,1%) Diesel fuel with sulfur content up to 0.1%, produced by the Bulgarian Petroleum Refinery subsidiary for industrial and automotive use.
• Boiler Fuel (Котелно гориво) Fuel oil for heating and industrial boiler systems, produced by the Bulgarian Petroleum Refinery subsidiary from crude oil and condensate processing.
• Geological and Geophysical Services Specialized oilfield services including design and execution of 2D and 3D seismic surveys, processing and interpretation of geological and geophysical data, well logging surveys, and geological-geophysical services for mineral exploration, offered to external oil and gas sector companies.
• Drilling Operations Contracted drilling services for deep exploration, appraisal, and production wells targeting oil and gas, as well as underground water and geothermal energy resources, offered to external oil and gas sector companies.
• Marine Seismic Surveys Offshore marine 2D seismic survey services completed in the Black Sea Shabla Block area, leveraging over 1,100 linear km of acquired survey data and specialized marine geophysical capabilities.

Quantifiable outcome

• Largest CBM-producing block in India with 1 MMSCMD current production targeting 5 MMSCMD by 2028

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered minor and core.

• IIT BombayminorStrategic or Co-development Partner · 30 January 2026Technical collaboration for shale gas potential studies in the Raniganj block in India
• University of UtahminorStrategic or Co-development Partner · 30 January 2026Technical collaboration for shale gas potential studies in the Raniganj block in India
• Chimoil BG (Химойл БГ ЕООД)coreOthers · 1 January 2006Subsidiary established in 2006 engaged in foreign and domestic trade in specialized equipment, spare parts, and materials for oil and gas exploration and production. Building a chain of gasoline stations across Bulgaria under the CHIMOIL brand.
• PDNG-Service (ПДНГ - Сервиз ЕООД)coreOthers · 1 January 2006Subsidiary established in 2006 conducting foreign and domestic trade in specialized equipment, spare parts, and materials for oil and gas exploration and production.
• Bulgarian Oil Refinery (Българска петролна рафинерия)coreOthers · 1 January 2003Wholly-owned subsidiary established in 2003 based on the production complex for crude oil and condensate processing. Operates as an approved manufacturer of petroleum products including solvents, thinners, kerosene, gasoline, diesel, and boiler fuels. Capital of 3,843,700 BGN. Holds its own accredited chemical laboratory for petroleum and fuel analysis.
• Geology and Mineral Resources Publishing (Издателство Геология и минерални ресурси ООД)minorOthers · 1 January 1994Publishing subsidiary established in 1994 that publishes the specialized periodical 'Geology and Mineral Resources' covering scientific papers and monographs on regional geological studies, mineral resource exploration, regulations, and trade information.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Tethys Oil: Small-cap European E&P company focused on low-cost onshore production. Comparable in scale and capital-intensity profile to the subject company's upstream segment.
• Genel Energy: Independent upstream E&P company with Kurdistan-focused production. Similar small-cap, regionally concentrated independent operator model.
• NIS (Naftna Industrija Srbije): Serbian state-controlled integrated oil company with upstream E&P, refining, and wholesale/retail fuel operations across the Balkans. Closest analog in size, scope, and regional integrated structure to the subject company.
• Rompetrol (KMG International): Romanian refining and fuel marketing company with regional retail network. Comparable downstream refining-and-retail orientation to the subject company's BPR and CHIMOIL operations.
• DNO ASA: Small-to-mid cap independent E&P company with operations across the Middle East and North Sea. Similar independent, asset-focused upstream profile.
• INA Industrija Nafte: Croatian integrated oil company engaged in E&P, refining, and retail across the Western Balkans. Comparable regional integrated model and similar scale of upstream and downstream operations.

Broad incumbents

• MOL Group: Hungarian-headquartered integrated oil and gas group operating across Central and Southeastern Europe with E&P, refining, and a large retail network. Substantially larger than the subject company but overlaps in CEE downstream footprint.
• Hellenic Petroleum: Greek integrated oil company with refining, E&P, and fuel marketing in the broader Eastern Mediterranean and Balkans. Larger but a relevant peer for refining-and-retail strategy comparison.
• Naftogaz of Ukraine: Ukrainian state oil and gas company with full upstream-to-retail integrated operations. Much larger and national-scale, but a useful structural comparison for a state-influenced integrated operator.
• OMV Petrom: Romania's largest integrated oil company and the dominant player in the Romanian E&P, refining, and fuel retail markets. Much larger than the subject company but operates an overlapping regional integrated model.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/oil-and-gas-exploration-and-production-ad

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oil and Gas Exploration and Production