Bulgaria’s Oil & Gas sector is of major significance to the country’s economic development, with some of the largest Bulgarian companies being part of this sector, including the largest refinery in the Balkans.

Bulgaria is a net oil and gas importer. Attempts to develop domestic gas resources are being made, the best prospects for new discoveries being located offshore. Some quantities have already been discovered and there is a local production activity. This triggers interest from local and large multinational companies in exploration and development of oil and gas resources in the country. Bulgaria seems to have relatively large shale gas reserves; at present, the Bulgarian government has imposed a moratorium over the exploration of shale gas. 

The major developments in the Bulgarian gas sector in the recent years related to the transposition of the Third Energy Package into Bulgarian legislation have facilitated the market liberalisation process, thus creating new opportunities for market players.

As with any industry, the risks for Oil & Gas are ever-present. These include:  

• Cost and competitive pressures 
• Need to upgrade ageing refineries and pipelines  
• Geopolitical uncertainties 
• Regulatory constraints 
• Increasing concerns for ecological threats and impact 
• New and disruptive technologies.  

The responses to these and other challenges are complex and demanding due to the evolving sector landscape.On the other hand, the industry also presents significant opportunities involving major infrastructure development projects, mergers and acquisitions, joint ventures, technology development. 

KPMG in Bulgaria assists organisations in the oil and gas sector to respond to industry trends and business issues. Our portfolio of clients ranges from large multinationals to local players. 

Building on the resources and knowledge base of the KPMG global network of member firms, our practice has access to market information on a global, regional and local basis, which allows us to offer customised services to our clients. 

We provide full scope of Audit, Tax and Advisory services, tailored to the specific needs of our clients. Our sector specific services are focused on: 

• Accounting and reporting 
• Operational, financial and tax efficiencies 
• Business performance improvements.