Sunny Hill Energy â owner of Petroceltic â announced on 29 May 2019 having sold the entire issued share capital of Petroceltic SARL and its wholly-owned subsidiary - Petroceltic Bulgaria EOOD - to an undisclosed third party on 29 May 2019. Sunny Hill Energy took control of Petroceltic in June 2016 which was rebranded as Sunny Hill Energy in April 2019.  The companyâs project of converting the Galata field into a gas storage facility was confirmed in May 2019. Petroceltic previously stated that the Galata field has a high-quality reservoir with permeability of 2,400 md which is ideal to be used as a storage facility. The potential storage capacity of the Galata field after conversion could reached some 2 Bcm.The field is located about 27 km southeast of the city of Varna. It was Bulgaria's first significant offshore field situated on the Black Sea shelf and also the first commercial offshore field to be developed in the country. The Galata field was discovered in 1993. The original target of the Galata 1 exploration well was the Valanginian, but it discovered an unexpected Middle Eocene reservoir (sandstone) not clearly shown on the seismic interpretation. Its gas reservoir is situated below a depth of 1,040 m and is represented by the Maastrichtian Dobrina Formation and the Paleocene Komarevo Formation. It was put onstream in 2004 and the production ceased in 2009. During the shut-down period (2009 to 2013), a considerable volume of gas migrated from peripheral regions to the main area of the field. For that reason, Petroceltic restarted producing from the field in February 2013. In April 2015 Petroceltic estimated that the remaining reserves were less than 3.5 Bcf, consequently the field was shut-in.
Sunny Hill Energy â owner of Petroceltic â announced on 29 May 2019 having sold the entire issued share capital of Petroceltic SARL and its wholly-owned subsidiary - Petroceltic Bulgaria EOOD - to an undisclosed third party on 29 May 2019. 