Britain's Petreco expects to extract some 400 million cu m of natural gas annually from Galata deposit, which makes 8% of the gas consumption in Bulgaria, said Petreco Managing Director David Archer. Archer, Dorieta Angelova of Petreco Bulgaria and State Agency for Energy and Energy Resources (SAEER) Chairman Ivan Shilyashki signed a concession agreement for the exploitation of Galata deposit in the course of 25 years. Petreco signed a memorandum of understanding with Bulgargas, but it is considering other options for the sale of the gas, as well, said Archer. Neither side would reveal the price at which Bulgargas will buy the gas from Petreco but they stressed that it will be mutually beneficial.