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It is ok, but the states which indirectly supported the power of dollar with their economies never had control on volume of dollar emission. The USA government doesn’t have such control either. The right of control has only the Fed of the USA.

The Federal Reserve System (which is the central bank of the USA) is a privately owned organization and it is a property of 20 private banks of the USA. Their principal business is to produce the world money. The Fed owners devoted a lot of time (decades, even centuries) and efforts to achieve that privilege. Here we can mention the 1-st and the 2-nd World Wars and Breton Woods Agreement in 1944 etc., and certainly the establishment of the Fed in1907.

Thus finally a group of private individuals obtained a right to produce dollars, determine the volume and terms of production etc. In the period since 1971 till 2009 the volume of dollars in the world was increased in dozens of times, it exceeded the real volume of products in the world in many times.

Fed owners as private organization first of all and secondly the USA held all the aces in this situation. The advantages of the Fed owners we will discuss later. As for the benefits of the USA, this is the opportunity during the last 38 years (since 1944 and especially since 1971) to live beyond their means.

The USA GDP makes up 20% of the world’s production, and consumption of the USA is 40% of goods produced yearly in the world. How is it possible? It’s possible only as result of dollar emission without production increase and great demand for dollar in countries of the whole world. Exchange of goods and tangible assets for uncovered but popular dollars seems to be very similar to the situation when the Island of Manhattan was bought for $24 (in trinkets and beads) from the American Indians.

Many countries build in their economies to the system of dollar purchasing power support. If they also had a right to provide the control of dollar emission as well as if the USA government had the right of control, the world economy would never undergo a crisis. Real volume of dollars would correspond to the volume of assets, which support the currency.

However dollar emission control is provided only by several private individuals. After all, it is well-known that private individuals have private interests.

I didn’t mean to criticize the Fed, the United States of America or someone else. Let’s not rake anyone over the coals. However we should be realistic to get at a true picture of the world we live in. A true picture of the world will help you understand what is going on, what is doing to be next and what you can do to avoid crisis consequences or make them as soft as possible.

Now we have a question. What made the Fed to produce more dollars than the world economy required for stability?

The matter is that if you are a private individual and have a right to issue dollar, which is supported with the world economy, so you are tempted to start overproduction (if only you are no saint like Maria Theresa, but bankers of Fed are certainly not), as it gives you fantastic opportunities and privileges. That was the real purpose the Fed was established for, that was the real aim of affords to make dollar to become the world currency. Your dollar overproduction is your own business. It is the best business in the world. It is much more profitable than any other way to make money. Drugs, prostitution and arms traffic look like childish sports comparing with the right of dollar production.

Dollar overproduction was organized to get rich (what can be other reason?). With help of this actually virtual money you can buy not virtual but really liquid assets (companies, plants, gold and other asset).

In order to prevent the influence of unsecured part of dollar emission on the product market, which can lead to dollar devaluation (and this will inevitably happen if there are more dollars than products and assets in the world) genius Fed owners invented very effective ways to tie up, to freeze the considerable proportion of dollars in a virtual product.

First of all, they used stock market for this purpose. Usual and normal stock market was changed to a great extent into virtual. Shares of a firm really have a certain price. However, the main and almost the only shares value on a normal market depends on business profitability; that means that shareholders get their income as a part of company profit shared between shareholders. Shares grow in prices in case if annual profit from laid-down capital grows. That is the situation on normal stock market.

The situation will be different on a virtual stock market. You will be explained that profitability is not of a great importance. These 2, 3, 4 or 5% of corporate profit, which earn a corporation, and 10, 20 or 50% of this profit which are shared between shareholders don’t mean anything.

The key condition is increase of capitalization and increase of shares value correspondingly. It’s important that your share holding increased in value. That is the main income from investment. Actually that is a trick for chumps. And don’t be disappointed with a fact that very smart and competent people are among these chumps. “The world wants to be deceived, so let it be deceived.” Unfortunately, this rule is universal, has no exception and applies to very clever people too.

The situation on a virtual stock market is the following:

Imagine that a businessman made one or several million dollars. He starts thinking about widening of investment, for example about building of a new plant. For this purpose he has to go out of his way to develop a high-quality product which will be on demand, to find a building land, to build a plant, to hire personnel, to train them, to lay in supplies of raw materials, to produce some products, to promote own trademark, to sale own products etc. These are huge inputs of own labor, time and health, and you get only petty money from the investment. This kind of work requires your attention and forces daily, monthly and yearly. No pains, no gains. However, a ‘sweet’ stock market comes to hand as an alternative. You don’t have to make any efforts. Your money and your share holdings rise in prices annually. Actually 10-15% annually is added to initial price for you just on paper. No headaches, no special muscle or mental efforts.

It is easy and clear, as free cheese in a well-known device. It is really difficult not to get deceived and not to trust economic analysts, who explain that the main thing is not a company’s profitability but increase of rate value.

This is really very important for those who changed stock market into virtual. Stock market based of increase of stock price can “utilize” or “tie up” dollar in dozen times more than stock market based on shares value evaluation according to the real corporate profitability. It is really important for virtual stock market creators as they count tens of trillions of dollars.

By the way, options, futures and other stock rubbish are also acts in the same performance which we call “virtual stock market”.

That’s why even very smart businessmen were interested in being deceived and in believing in stock market, they had a hope to lighten their burden. In fact, real money you earned doing a job of work were changed in such market into virtual capital.

A stock market trick founders solved not only the problem of ‘freezing’ dollars. Such market provided other fantastic opportunities for them; it provided them with chance to make vast sums of money.

If you control key events of this market and you are a man of means (if you publish dollars you have surely no problem with money as you can always open long-term credit account for yourself), if you create news which will influence the market, and if you set time and order for news to be broadcasted, you will make fantastic sums of money. For all that, your money (in spite of money of those chumps who also try to gamble on a stock exchange) will be not virtual at all, your real profitability will be not 10-15 virtual percents but real  40, 50, 60,…,100%. And it happens year by year.

The main thing is that you always know exactly when you are going to collapse the market after your money is derived from it. And until that moment you will buy up controlling stocks of really profitable enterprises year by year in order to have a great part of real actives in your hands after economy collapse.

Stock market for other participants can be compared with Russian roulette in its most extreme variant when there are five bullets in a six-shot revolver. That is also a gamble, and even in such kind of gambles there are chumps who win, but there will be not many of them as results are determined with certain starting rules.

Stock market was really ensured with money only by 1-2%.  That means that only 1-2% of money can be taken out by invertors without losses, as this market is virtual and it wasn’t supposed that investors could leave this market simultaneously and take out at least the sum they paid at the entry.

This situation is similar to situation at a bank when all clients decide to take their deposits simultaneously. Such bank comes very close to bankruptcy. However, usually a bank should have assets which exceed its liability, and when a bank doesn’t have enough cash to pay clients’ deposits back, this bank is supposed to sell assets in order to meet commitments. In any case a bank will pay at least 80-90 % of deposit back to its clients.

Stock market is totally different, there is no liability at all, nothing is guaranteed and nothing will be paid back ever.

The lowest price of stock market is a real price for shares, which depends on profitability of an enterprise. This price is dozen times lower than shares price on a virtual market.

That’s why I smile when I hear that the USA will assign 700 billion dollars to save their stock market and experts claim that it would be enough.

They need to publish 100 trillion dollars to save virtual stock market; this sum should cover the whole value of the market. But if this money is published the dollar will tumble in 10 times. That’s why nobody is going to save stock market in the form it existed during last decades. It is simply impossible.

Stock market fulfilled certain tasks and its creators don’t need it anymore.

Certainly the market creators are very clever and they will imitate attempts to save stock market until a convenient moment. Prices on stock market will grow for several days (by the way, stock market creators can earn some more money once again as time and volume of growth is determined indeed by them). No stranger will be allowed to win in this gamble.

By the way, did you ever analyze the information given by ‘sophisticated’ experts and analysts about reasons of stock price or oil quotation growth and fall?

For instance, a sophisticated person claims on CNN channel (or any other channel) that the oil price increased $10 per barrel, and the reason of such increase was the information that oil supply in the USA oil storages appeared to be 1 million barrels less than it was expected. Who and in which volume “expected” this and why “expectations” level should be the starting point for published supplies evaluation? Nobody tries to answer this question, but this is another question of the same performance.

First of all, let us say couple words about these 1 million barrels. That is about 131 thousand tons for Brent trademark (or about 2500 tank-wagons of oil). Really such volume of oil is to be consumed in the USA during one hour. There was consumed about 21 million barrels of oil per day in the USA in 2005. Now this is about 24 million barrels. 1 million barrels is 1/8760 part or about 0,012% of annual oil consumption in the USA. One million barrels costs 100 million dollars (if price is 100 dollars per barrel). These 100 million barrels are not lost, they didn’t disappear. This oil is just not brought to oil storages yet. Actually it’s not really certain that oil is still not brought and there is no oil in the storages. He who knows nothing, doubts nothing. What we have here is a piece of informative news for the market. This ‘striking information’ results in cost increase of annual world oil production up to 228 million of dollars (10 dollars x 7,6 barrels in ton x 3 billion tons).

You can evaluate experts’ intelligence yourself when they explain you the reason of price increase up to10 dollars per oil barrel. 99% of other comments by financial experts from stock markets are of the same nature. And now you can make your own conclusion about how much was earned due to this piece of news and who did it.

And now let’s talk about high price of oil. During last 8-10 years we could observe an increase of oil price. High price of oil solved during this period the same tasks as a stock market. It tied up dollars, but in spite of stock market it tied up dollars in real commodity.

Oil is the best choice to tie great amounts of money. It is possible to choose a wrong object and increase price for commodity, which will not be in demand in case price is too high. Oil is really the only commodity which is always in demand. Each citizen driving his own car can hardly be forced to use public transport, it’s practically impossible. Such person would better prefer to stay hungry but save this money to buy petrol and drive his car further more. Actually 69% of oil is refined into petrol or diesel fuel. But for all that oil ties not only money of big corporations but also money of usual citizens, as during last 10 years people possessed too much money and these means became also an early danger for dollar, which is the main commodity of the Fed owners.

Apart from direct tying up several trillion dollars, high oil price is also the best tool to increase prices for other goods (food, mechanical engineering etc.), as each price includes also energy and transport constituents.

Such annual additional rise in prices gave the opportunity to tie up several trillion dollars more.

So the only reason of extremely high price of oil during the last decades was the dollar publishers’ interest. They needed to delay a downfall for several years and get prepared to ‘the managed collapse’ of the world economy.

In order to increase prices so much and clearly explain this fact later they organized a war in Iraq for ‘cheap oil’. But the real purpose was not oil control. The real purpose was to organize that Iraq oil wouldn’t come to the market for several years and that instability in this region would influence on rise in world oil prices.

Let’s continue.

It was ridiculous to observe the messages during spring and summer 2008 that special commission in the USA is looking for traders who are guilty of high oil prices, which makes economy of the USA suffer. Actually these traders were not found.

We shouldn’t blame the Fed of the USA owners. These are just smart as a whip people, who achieved fantastic financial, political and military opportunities to influence our world. They are not obliged to take care of the whole humanity; they are not God after all. They didn’t assume such obligations and don’t have any duties for anybody. They just do their business and build mechanisms for their business to develop and prosper. The purpose of this article is not to accuse anyone; the purpose is to show you a real situation and to help you save your money. Money of those of you who earned them with hard work and saved an average sum of money: 100 thousand up to 1-2 million of dollars. You will not save this money keeping cash. But that is a point for further discussion. And now we shall continue.

Do you know how ‘exchange’ price of gold is set?

Do you think that there are trades on the gold-exchange and balance of supply price and demand price is actually exchange rate? You are wrong. Gold price is set by very clever and respectful people (and that is not irony as people who created such mechanism are really smart and powerful).

Gold price is set by Rothschilds, who meet in their private residence in London. According to exchange bids, which origin is actually unknown, they set gold price. I applauded them in my mind 6-7 years ago when they gradually cut gold price until it became 250 dollars per troy ounce.  Than as if somebody waved a magic wand there appeared a lot of articles claiming that gold doesn’t serve as treasure anymore, that gold lost its ensuring function of a part of gold and foreign currency reserves, and that central banks should get rid of gold. As result central banks of Switzerland and England sold half of their gold reserves to investors. This is about 2500 tones, as far as I know (just guess who bought it). Also as far as I know, central banks not only of England and Switzerland made such decision.

During next 3 years gold price increased to more than $1000 per ounce.

Now the price is about $ 750-800. But don’t worry, it will rise up to $2000 and $3000 if it is necessary. Actually the price will be claimed not in dollars but in other currency which will replace dollar.

Everyone can imagine the perspectives of his own welfare if he had the right to set gold price for the whole world. Would he need to have any other business or this business is worth all other businesses in the world?

And now it’s time to tell what is going on now in the world and what is going to be next.

Now we can observe a ‘managed collapse’. We should understand that there is nothing awful for virtual market creators. Everything is under control. This stage of ‘managed collapse’ is called to bring huge incomes and strengthen positions of the Fed owners in the whole world. A stage of collapse is inevitable as laws of Physics are at work and any financial pyramid is always breaks down in a certain time. Egyptian pyramids are for centuries, but financial pyramids are called to collapse.

It would collapse automatically a little bit later, actually 2-3 years later. But in that case the process wouldn’t be managed and could injure the interest of pyramid creators. A managed collapse was prepared for years. The matter is that during this stage the aim is to get the most important and the most profitable companies for peanuts. It is necessary to control all financial flows and to have a possibility to stop those which can damage interests of buying enterprises (we are talking about financial flows which can help an interesting for buyers enterprise to continue work until the end of crisis).

Can we talk about any preparation? Can we see the traces? We can. In the middle and at the latter half of the 90th bank secrecy was practically cancelled. The official cause for bank secrecy revision was the urgent need to fight against non-payment of taxes. Under the threat of losing USA, Canada and some other bank markets Switzerland and other declaring bank secrecy countries refused to deal with it.

However, it is not enough just to know that some money are transferred from one place to another. It is important to be able to influence the situation if necessary. The next step was September 11, 2001. Events which happened that day solved several tasks, but we shall speak about the only one we are interested in at this article. These events resulted in passing the laws for fighting terrorism financing. It’s easy to realize that terrorists are almost always financed not through banks at all. Actually terror acts need quite moderate sums of money to be organized, usually this are no more than several tens of thousands of dollars.

Actually the main purpose of these laws was to create the mechanism for long-term blockage of any sum of money without court decisions, if it is suspected to be finally a mean for terrorists. Judicial procedure in this case is inconvenient, there should be produced evidence that this was really terrorist money and it’s quite difficult to control a lot of trials around the world. That was the way they received a real tool of necessary influence on situation in future ‘managed collapse’.

It was important for successful forthcoming buying up of important assets that big interesting enterprises didn’t accumulate considerable reserves of money until the moment of decline, which would enable them to survive during the period of ‘managed collapse’.

The possible mechanism for enterprisers to accumulate such hidden reserves is nonpayment of taxes or cash.

As you remember since 2000 it was launched a serious world campaign against enterprises which don’t pay taxes. Do you remember WorldCom and others? They were learned from bitter experience that they should pay in any case, even if accounting situation really allows to have different interpretation and not to pay tax in certain conditions. Someone became a bankrupt, someone was imprisoned. That was demonstrative imprisoning.

The super-profits, which could be earned by companies due to high oil prices and due to trading on the exchange, were withdrawn by means of excise duties and other taxes. Companies actually earned about 20 % of earnings so that they could function and just a little bit prosper. That’s why extremely strict control on tax paying was very important. It was necessary to collect as much taxes as possible.

What purposes were tax sources for (except for financing of budget expenses)? They were the source for various reserved and other funds.

During last 3 years there also was a fight for cash. This solved two strategic tasks. The first task is that no one could make big cash supply, which would support business in case of crisis. The second task is to earn huge sums of money as cash cost was 11-12% of a sum.

From the one hand we can state that fight for taxes is a job of any civilized state and it’s not really preparation to ‘managed collapse’. It is really so. But we should mention that the strictest form of the fight for taxes and oil price grow started simultaneously. We must pay our attention also to the forms of taxpaying fight: they choose demonstrative victim (WorldCom), its relations with big bosses leads to conclusion that the main object of fight are big companies. We also should monitor the purpose this money was sent for (USA stock market, USA mortgage bonds etc.). All these facts lead us to the conclusion which has been already made.

Finally, the day which was expected so much by somebody came. A crisis occurred.

The way European and American banks lost their liquidity is well-known and there is no reason to talk about it once again.

With a wave of a magic wand (and you know whose hands hold this wand) demand on metal production fell down, oil also fell in price, capitalization of companies fell rapidly in several times, banks started credits recalling, mortgage lending and bank loans were stopped.

In other words, the process which can be called ‘the managed collapse’ started at full speed.

Stock market collapsed.  Problems with products distribution made metallurgy, car, building, chemical and other industries suffer. There is no reason to look through all aroused problems; you can find a lot of such information in headlines.

However there are interesting peculiarities: stock markets collapsed immediately (during 1-2 days) and extent of collapse was great enough to make serious even fatal holes in liquidity of enterprises and banks.

Banks were the first target. Making their life easier banks didn’t like taking the trouble to credit real business sector; it was much more comfortable for them to gamble on a stock exchange with spare money of their clients. Since virtual stock market grew readily and rapidly. And one day it fell rapidly in 20%. If we say it in simple words – banks lost the fifth part of that client money which they gambled on a stock market. Selling shares at the new lower prices would mean setting huge losses and saying good-bye to all hopes that it was occasional fall and everything is going to be ok in a week. Everybody waited for previous prices. Prices however fell in a week more than in twice. The volume of losses became disastrous (prices on virtual stock markets fell in 5 times in some states for today).

Banks got in result big holes in their balances, banks can’t give credits anymore because they are lack of money. European banks start to recall credits which were given to foreign banks and companies because of problems in their countries, which make the situation even more disaster.

The biggest companies lose rapidly their capitalization, which is calculated according to share rates of the company on the virtual stock market. That is the next reason for banks to recall some credits and for rating agencies to decrease a company rating. Credit scale depends on ratings and on capitalization. If these indexes fall down some credits are recalled automatically and a company has no opportunity to take another credit anywhere to survive difficult times.

In general, banks and big companies which depended much on credits found themselves in a very difficult situation.

Actually in working economic model of the world no big enterprise or bank could work without credits during last decades. Credit recourses were widely available and interest rate was sweet for business. However enterprises and banks get in real trouble if they are required to pay credits back before due date. The reasons of recall are very objective; these reasons are mentioned in credit contract– «company’s capitalization falls in 10 %». And we know that capitalization of all companies fell down.

By the way, doesn’t it remind you the beginning of the Great Depression, the crisis in 1929? There also was a situation that according to the share purchase credit conditions a creditor could call his money back during 24 hours (that is called marginal credit). When such requests were made unexpected and simultaneously, borrowers were forced to sell their shares urgently, which lead to immediate market default.

If this scheme worked in the thirties, why shouldn’t it be used today with some variations? Actually it is happening.

Now there is a task to buy up the most interesting and most profitable enterprises for peanuts. How can it be done? Should we just go to an owner and propose him to buy his business at a low price? Even if he has some problems, he will not agree for sure. He will probably wait until crisis is over. He will ignore court actions of creditors, delay legal procedures (which really can be delayed for 2-3 years).

That is not a way for the Fed.

In spite of its intellectual and financial power they don’t have enough resources to carry on thousands of lawsuits with people who would protect their business by hook or by crook. Time factor is also very important here. The whole operation should be finished in the short run, as after buying-up is finished the next more important stage will start. This will be discussed a little bit later.

How to buy-up enterprises and the whole branches of business in short terms and at reasonable prices?

It is simple: a state should save ‘damaged’ owners of big business, their banks and companies. A state would propose some ‘saving’ credits for strategically important companies.

The big business owner will have now a difficult choice:

– either the company’s bankruptcy of will start right now when there are no credits, no sales, and current expenses of the company so huge that they will kill the company in couple months even in case all production is stopped

– or he has to take a state credit and try to hold on as soon as all analysts and experts predict forthcoming upturn in spring and all rates will be of level as in July 2008

However, the matter is that when all expected companies will take credits and sign payment, finances will suffer really serious. When the term to pay credits will come, they will not have enough money to pay. Shares will fall in prices, oil prices also will fall up to 20 dollars per barrel, and demand will be really low. That is a scheme of global property redistribution, which is the main purpose of the stage of ‘managed collapse’. Certainly businesses will become state property first (officials will be strict towards non-paying owners), but later they will be bought by those who are expected to do this.

Now let’s talk about a ‘powerful’ dollar.

Dollar will be ‘strong’ all the time until big and not very big companies will have to pay their dollar credits back. There are a lot of such credits not only in the USA but also in other counties where a myth of the dollar as a strong currency is alive. A ‘strong’ dollar is much more difficult to be paid back and it is much more difficult to be bought in necessary volume for devaluating national currency. Dollar will be strong until the credited big enterprises will not change their owners.

Besides dollar will be ‘strong’ until this ‘strong’ dollar is needed to buy an interesting business. We are talking about profitable middle-size business, which will not become the state property until that moment. When business situation becomes really hopeless and businessmen will be close to lose their business, they will be proposed good sum of ‘strong’ dollars and they will be happy to sell their business.

When these two stages are done, the next in turn is the most interesting and the most dangerous stage.

I would like to mention that this article is for people who have some savings, for small and middle-size businessmen who saved $100 000 up to $2 000 000 with their own hard work. Today global processes can be destructive for results of their hard work. In order to avoid this destructive influence it’s very important to understand what is really going on in the world and what is going to be next. Knowing facts you will be able to make favorable decision in time and save the results of your long-term work.

It is a global property redistribution, which will lead to new configuration of the world with new centers of force. The main purpose of redistribution is of cause big companies, banks and enterprises, but not small and midsize business. Anyway everyone will feel a certain negative influence of redistribution and it’s necessary to get ready to avoid influence or at least to make it moderate.

Let’s continue our description of what s going to be after property redistribution.

Next is going an imminent event, which is dollar default. It’s imminently in any occasion, as dollar over-production by the Federal Reserve System is smart and huge, but still is a pyramid. Thus pyramid fulfilled its tasks and brought incredible profits to the creators, but it’s impossible from the one hand and unnecessary from the other to save it. It’s time for a new scheme to make money; it’s time for new Breton Woods agreements.

It’s impossible to pass to the new world system without rejection of the previous world currency, which is dollar.

There are not so many goods and real assets in the world as published dollars. The total quantity of dollars which were put in circulation is ten times more than the total cost of real assets.

There is no variant of further events left in which America could refuse from dollar default.

That’s why default and dollar rejection is going to happen within the next few months, whatever say different ‘experts’ and ‘analysts’.

The question is how it is going to happen, as it should be very serious and dangerous event for all people including organizers of dollar pyramid. Many of those who will lose everything will possibly reflect on who is guilty in this? The strongest move to solve this problem (and the safest for them) would be realization of default through “big blood”.

I think that they can organize a state of emergency on a world scale with hundred thousand of dead. The attack will be made on the territory of the USA or Israel. Attack on the territory of Europe is less possible, probably, together with the USA and Israel but not separately. Separate attack of Europe only would not meet the task to collapse dollar. The attack will be made probably with nuclear weapon or other ‘dirty’ bombs as there should be hundred thousand people dead and radioactive pollutions of large territories (a similar case in September 11, 2001 with 3 thousand people dead is not right for this time, the scale is too small for default).

Who and how will attack?

I suppose that nuclear weapon of Pakistan will be used in this operation, as it is the only muslim country which possess nuclear weapon. The powerful President Musharraf removed from this post for this purpose in August 2008 (actually the USA participated in that). Several months before Benazir Bhutto was killed (she also was a good leader and nuclear weapon couldn’t get out of hand). Zardari, the widower of Bhotto, came to the power after her death. That is ridiculous personality. A year ago he was a patient of a psychiatrist. While Bhotto twice served as Prime Minister of Pakistan, Zardari was kept in jail on corruption charges and accusations of murder, even his wife couldn’t help him to get cleared. This is the best kind of a governor to pass nuclear weapon to terrorists or to organize that Iranians could ‘buy’ or ‘steal’ it and use for bombing the USA or Israel.

I would remind that Zardari was actually a protege of the USA. In fact the USA today do a lot to provoke anti-American sentiments in Pakistan. How would you evaluate weekly attacks of Pakistan villages at the Afghanistan border by the USA air force, which is explained as pursuit of the talibs? There are 20-40 people dead each time, and usually these are women and children. And how would you evaluate recently published secret order dated July 2008 by Bush, which allows the USA air forces to cross Pakistan border and attack Pakistan territory for fighting with terrorist talibs without Pakistan authority permission.

Such actions have great influence on attitude towards the USA. Pakistan people as well as Pakistan air forces, which possess nuclear weapon, are actually provoked to have negative attitude.

It is obvious that after bombing the USA (or Israel) there will be a war with millions of victims. Since those who will attack America must be punished. It is doesn’t really matter who will attack – Iran with nuclear weapon of Pakistan, or Pakistan itself, or both states together, or Ben Laden who can in one way or another take the nuclear bomb. That will be such kind of important events that the question “if the dollar could be saved” will be inappropriate. You will be given a positive answer that that was a quilt of ‘damned terrorists’ or ‘aggressive states’ etc. They will state that they did everything they could: gave 700 billion of USA dollars in support of stock market, and that actions were proved to have positive influence (Dow Jones Index varies during the last time 8100 up to 9600 points). There was a summit of 20 states and we decided to reform International Monetary Fund and the World Bank to control ‘greedy’ bankers, who are the main crisis initiators, in a proper way. We did a lot to plaster and paint the front of the world financial system (a building which has blasted foundation and cracked bearing wall indeed). As plaster and pain are really two main ways to solve such problems.

We need to understand that humanity deals with genius and very influential group of people, who created the world structure which we live in. In order to understand a sense of their actions we should consider their occupation peculiarities. This will help us to understand their actions and forecast future events.

Accountancy is their education, ideology and mission. And such non-account values as ‘humanism’, ‘kindness’ and ‘compassion’ are outside of their vision.

The main things are figures, profit and bargains.

In situation which requires scarify people to get more profit they wouldn’t hesitate in what should be done. The only really important result for them is profit.

That is a great power of those people and their strategic susceptibility as well. The situation is that during hundred years their principles brought huge profits for them and made them powerful. However one day these principles will work against them and will cause damage to them or their business which their lives were devoted to.

Attendant expenses of their operations cost sometimes dozens million lives: the First World War – 20 million, the Second World War – 60 million of lives.

I hope that dollar collapse will be made in other way without war and without blood of innocent people.

It’s difficult to imagine other scenarios. However, everything is possible, everything is real. It depends only on intellect of the authors.

There are various variants. The most stupid is if the USA refuse dollar, announce default giving the reason that dollar can’t be the world currency anymore because of financial crisis and economic recession. ‘Experts’ and ‘analytics’ as well as a huge number of controlled by the Fed owners mass media outlets will tell stories for the whole world that it’s a historical truth that dollar became world currency for 90% and home currency only for 10%. And as dollar can’t be the world currency anymore (because of very objective reasons, because of the serious world crisis, which happened accidentally), it can’t also remain home currency of the USA. In order to save the most important world economy, which is the economy of the USA (in other words: in order to save the USA economy from a huge flow of dollars from the whole world) – only this great and humane mission makes the USA to refuse dollar and set ‘new dollar’ as home currency.

If during next three months after such announcement the world mass media outlets will promote such ideas 99,9% of people will really start to think that it was real the only and the best way to overcome the situation caused by the most impressive in the whole world history crisis.

In any case, there are much more humane ways to achieve a set purpose (without blood of innocent people of Israel, USA, Iran etc.)

They are also much cheaper than a war (only PR expenses).

This variant is acceptable for decision-makers only if after elimination of a one-polar world they will provide a many-polar world with other principles of getting their profit, other principles of their influence and other principles of world finance system correspondingly.

It seems to me for a while that everything is going to fall back into place: virtual stock markets, building of financial pyramids (using several currencies instead of a single), and so on according to the list.

However, there are also other world models, in which they can save their influence, but they don’t see them or just don’t want to.

If it is true, then the only variant of further events is blood. Only this variant allows claiming that everything was well organized and only due to ‘terrorist’, ‘enemies’ etc. everything was broken.

In other variants the truth will be surely revealed, so it would be rather difficult to prove the necessity to create new pyramids which pretty much similar to previous.

In general, dollar collapse and dollar rejection and default are inevitable.  Inevitability is determined with the fact that today world finance system is build according to finance pyramid principle.

Whatever will be said by ‘experts’, who really work for pyramid creators, this pyramid can’t be saved and now it’s a time of it to collapse. This will happen in the next few months.

Be sure that it is going to happen 100 % unexpectedly for all except those who manage the process. Until the last moment dollar will be strong and everything will go quite all right.

Euro, ruble and other currencies will collapse simultaneously. There will be no default for these currencies but they will to go down in price in 10-15 times because of a great hole in world finances.

When everybody will feel lack of money a new world economic system will be grounded.

The main positions will have those who have profitable assets (real enterprises etc.). Correctly chosen assets will earn new money for owners fast and in great quantities. Such owners will outdo others.

And now let’s talk how you can save your savings if you have such. You can save your savings in today conditions only obtaining real asset. What does ‘real assets’ mean after currency actually is depreciated?

You can save your money buying property, which will be valuable even after the current events. Cars, furnishings or clothing can be in demand, but you should remember that these goods are not good to save your capital. Car becomes cheaper 15% next week after purchase and 50% in three years, so buying a car you are going to have losses. Your money will not be saved and for sure will not increase. Only really valuable assets, which are people’s bare necessities and which are always in demand, should be considered in the situation of crisis.

Works of art (paintings, sculptures) of famous artists are rather good variant. But ‘entrance ticket’ for such purchase is more than million dollars. Forgery is rather possible, so you can buy just a pig in a poke. You also will need very big bank cell which cost 5-6 thousand dollars per month. And actually at time of world economic turmoil people rarely appreciate art giving their preferences to supply daily needs.

There are pros and cons for jewelry. A work of a jeweler makes up a great part of jewelry cost that is why it’s quite difficult to forecast if a certain piece of jewelry is in price in few years, or it will to the contrary fall in price.

High-quality precious stones are good investment to wait till crisis is over. The only disadvantage is that after such global crisis they will be on demand not immediately but during next 3-5 years as people need to solve more important tasks first, such as food, shelter, clothes, business and only after all some money can be saved to buy precious stones.

Good variant would be real estate investment as people always need shelter to live in and offices to work in. Life goes on even during crisis. However, we probably shouldn’t talk here about any profitability as paying capacity of tenants is quite low during crisis and will grow gradually in compliance with growth of economy. You can’t earn on real estate within the next few years as mortgage lending is temporary stopped and there is almost no solvent demand. So real estate investment can be good long-term freezing of capital.

Gold bullions is one of the best variants considering very special attitude to gold of a certain group of people. They love and respect gold during almost thousand years. They will never let gold fall too much in price. But this rule is for their personal gold, the gold they posses, not for your gold or for gold of someone. Gold is the perpetual value, so you can wait for increase in price for ever, or probably 5-7-10 years. In a certain moment gold price will be 2 or 3 thousand dollars instead of $800 for today. I have already mentioned who and how set gold prices.

Are you sure that price is set for you in order you earned too much profit? I wouldn’t play that game. This is historical business of a certain group of people and it for authorized persons only.

The most logical and correct decision would be investment in production of the resources which people will always be in need in shifting sands – food, water, dwelling and tools for production of these goods. Whatever is going on with economy or currency – people will always consume these goods. Investment in these goods production will not only save your savings but also will give you advantage in hard times, when daily needs are brought to the forefront.

The decision should be made as soon as possible, until currency is not and financial systems functionate. Rich for resources Europe is already in a deep crisis, dozens of states are under the threat of default, and recourses of countries in Eastern Europe, where capital deficit is reality, are de facto for sale. Not only useless luxury goods but also lands, plants and farms here are cheap at half the price at the moment. Resources which are of state importance found new owners at the moment.

Ukraine and Eastern Europe are examples. Hundreds of the most valuable resources of this country are for sale now as local owners are on the beach. They just don’t have enough money to maintain their work. There are machine-building plants with several hundred hectares of land, expensive equipment with dozen million dollars potential output! Chemical plants also held up their work because of lack of capital, but there are only few plants like this in the world… Fertile lands, big farms – at the moment their price is thousand times lower then real price. Each invested dollar will bring thousand dollars next year! At http://www.uinvest.com.ua you can check the list of such profitable investments

Certainly it will come to the end soon. Sagacious American and European investors are buying up these resources in great amounts straight away. Buy low sell high. While many people try to squeeze vestiges of virtual money out of stock exchanges, affiliated mutual funds and investment banks, smart investors buy real assets for a mere song. Such assets will cost tomorrow dozen billion dollars again. Actions, which all this project was started for, are being carried out. This is a change of ownership.

Our team attracts capital for buying such kind of assets. People having average income can legally increase their capital in dozen and hundred times. Today they have real chance to do this.

Visit our website http://www.uinvest.com.ua

I have compiled abstracts from these sessions from the AAPG conference in Athens 2007. Especially regions like Bulgaria, Ukraine, Russia and Georgia were covered during the sessions. Some examples from offshore and onshore Turkey were also covered during these sessions. The under explored Offshore Black Sea has gained more attention the latter years since more data has been collected. Especially offshore Ukraine, several generations of 2D seismic has revealed some potential offshore until now not been discovered. However since the mid 1990’s there has been some interest due to the first generation 2D seismic and some older CCCP seismic, pre 1990’s. With this compilation we want to promote more interest for the offshore Black Sea, as we see this as an area for the future as oil and gas legislations in bounding countries mature and gets more open for international oil and gas companies, as well as investors.

Since the conference was held, there has been some major news regarding Ukraine offshore area.

The PRYKERCHENSKA Block in the offshore Black Sea area was awarded to Vanco international Limited. This award marks a new trend offshore Ukraine. First time a Production Sharing Agreement has been developed with an international oil and gas company within Ukraine.

The PSA for the 12960 km2 or 3.2 million acres of offshore acreage Ukraine’s first Production Sharing Agreement was won by Vanco in April 2006; Final PSA negotiations have been concluded in 1st quarter of 2008. This PSA makes it possible for Vanco to perform a new 3D seismic survey and plan for one deep water exploration well within the first three years of the PSA.

Vanco has mapped out several play models within the Miocene to Oligocene stratigraphy. Play models ranging from compressional anticlines situated in the front of the imbricated fold belt as well as truncated traps within the same regime. Trap types like Slope fan deposits with semi-structural trap mechanisms, plane compactional anticlines and stratigraphic traps are also mapped out in the Sorokin foredeep section. Vanco has also identified large potential play models within the Eocene to Paleocene reefs, where they have mapped out several anticlinal structures. In addition they have identified Upper Jurassic reef structures which could hold potential larger volumes of hydrocarbons.

Vanco recognizes a large unexplored deep water area with several play concepts. The Prykerchenska Block may yield up to 6.4 billion barrels of oil – which makes it a ‘World

Class’ project. Numerous prospects exhibit direct hydrocarbon indicators and oil has been

found on trend near the block. ? Vanco will conduct a work program designed to mature drilling locations in the Sudak Fold Belt and on the Tetyaev Prospect. The 3D Seismic acquisition to commence in 2Q 2008 and to be performed in two areas over the Tetyaev Prospect and to be around 1238 km2. The other 3D area proposed is over the Sudak B prospect and to be around 1800 km2. Tetyaev proect is believed to most likely have around 2091 mmbo and the Sudak B area prospects to be most likely 1370 mmbo of hydrocarbons.

The Tetyaev prospect has an areal extent of around 225 km2 and believed to have an vertical closure of 700 meters. The waterdepth at prospect location is around 2185 meters and the prospect is at 4800 meters.

At the Andrusov high another prospect is identified with an areal extent of around 110 km2 and with a vertical closure of 700 meters. The resource is mostl likely to be 385 mmbo at a water depth of 2225 meters and the target depth is 5400 meters.

Upper Jurassic Reefs of the Western Caucasus-Crimea; Hydrocarbon Implications for the Eastern Black Sea

Li Guo1, Stephen J. Vincent1, Samuel P. Rice1, and Vladimir Lavrishchev2. (1) CASP, Department of Earth Sciences, University of Cambridge, 181a Huntingdon Road, Cambridge, CB3 0DH, United Kingdom, phone: +44 1223 337068, li.guo@casp.cam.ac.uk, (2) Kavkazgeols’emka, Ul. Kislovodskaya 203, Yessentuki, Russia

Widespread Upper Jurassic reefs are important potential reservoir facies in the Eastern Black Sea Basin. Russian seismic reflection data from the northern Shatskiy Ridge indicate possible offshore reef-facies occurrences up to 1-2 km thick and 10-20 km wide. Data from excellent onshore exposures in the Russian Western Caucasus and Crimea provide a reservoir analogue for offshore targets. A model for development and distribution of the carbonate reefs is presented with reference to possible alternative tectonic settings for the Upper Jurassic north Tethyan Margin.

Outcrops of well-preserved Upper Jurassic reefs can be grouped into coral-dominated, siliceous sponge-microbial and microbial types. Patchy and massive coral-dominated reefs formed at shallow-water platform margins or in slightly restricted deeper-water mid shelf settings. Siliceous sponge-microbial and microbial reefs occur as lenses and mounds and are restricted to deeper-water mid-outer shelf environments. The development of these reefs was controlled mainly by local variations in water depth, light, and the availability of nutrients.

The reefs exhibit a complex pattern of porosity development reflecting independent diagenetic histories involving near-surface and deep-burial dissolution, dolomitization and dedolomitization. Porosity is particularly common in coral-dominated reef facies and consists of both primary and secondary types.

Coral-dominated reefs analogous to onshore outcrops in the Russian Western Caucasus are likely to occur along the northwestern margin of the Yuzhnyi-Adler carbonate platform in the Eastern Black Sea. Possible isolated deeper-water reefs imaged on the northern Shatskiy Ridge could be largely composed of siliceous sponge-microbialite and microbialite facies. Similar reef facies may be present on the Mid Black Sea High.

Lithostratigraphy of the Upper Jurassic – Cretaceous Deposits and Hydrocarbon Perspective in the Romanian Shelf of the Black Sea

Ovidiu Nicolae Dragastan, Faculty of Geology and Geophysics, Bucharest University, Bulevardul N Balcescu no. 1, Bucharest 010041 Romania, phone: 0040729610876, ovidiud@geo.edu.ro

In the Romanian shelf of the Black Sea (offshore), Petromar Co. drilled and has obtained cores of Middle and Upper Jurassic- Cretaceous deposits, as well as Paleogene and Neogene ones. The Mesozoic and Cenozoic deposits belongs to two main geological units: the North Dobrogea Orogenic Belt and the Moesian Platform. In the offshore of the North Dobrogea Orogenic Belt three cycles of sedimentation have been identified: 1. A lower transgressive cycle corresponding to the compression phase of synrift 1 (Bajocian- Callovian ?), the last stage possible corresponding to a „general” unconformity or to a break up 1 between the Middle and Upper Jurassic , with black calci- and siltic turbidites (Heraclea Formation). 2. A middle transgressive compression phase composed by mudstones, claystones and siltstones ( Pontus Formation), Upper Jurassic- Neocomian in age corresponding to the synrift 2 followed by a break up 2 to the Jurassic-Cretaceous boundary and intra Neocomian covered different times hiatuses. 3. An upper large postrift phase Albian to Senonian, continued during the Paleogene and Neogene. Many short and long time hiatuses are recorded that include the Cretaceous deposits. Three source rocks can be identified for hydrocarbon generation: – the black argillaceous, siltic to sandstones of the Heraclea Formation (Middle Jurassic in age), about 1000 m in thickness.; – the black argillites of the Pontus Formation (Neocomian) and – the Oligocene- Miocene bituminous shales, clays and marls known more or less as the Maikop beds.

Hydrocarbon Accumulation in the Permo-Triassic Reservoirs of the Moesian Platform

Pene Constantin1, Niculescu Bogdan1, and Mitru Daniela2. (1) Faculty of Geology and Geophysics, University of Bucharest, 6 Traian Vuia Street, Bucharest, RO – 020956, Romania, phone: +40 21 3181588, penec@gg.unibuc.ro, (2) T.E.I.-Kozani, T.E.I.-Kozani, 114, Ioanis, Kozani, Kozani, Greece

Romanian petroleum basins contain hydrocarbon fields in the Triassic reservoirs only in the north-west of the Moesian Platform and in its south was identified an “oil show”. This distribution of the oil and gas fields is a little enigmatic, because of their position regarding the Bals-Optasi Uplift. Well logs, cores, some seismic profiles and lithophacies maps define the depositional systems and the dispersal patterns of the reservoirs and seals of the Triassic formations. The Permo-Triassic deposits consist of three lithostratigraphic formations: Lower Red Detrital (LRD Fm) (Lower Triassic), Carbonatic-Evaporitic (C-E Fm) (Middle Triassic) and Upper Red Detrital (URD Fm) (Upper Triassic). The lowest part of the LRD Fm and the URD Fm consists of multiple coarsening-upward parasequences deposited in deltaic and fluviatil environments of the lowstand systems tract during a forced regression. The upper part of the LRD Fm consists of fining-upward parasequences that sugests a strong transgression. This evolution is the result of the Permo-Triassic riftogenesis. The main reservoir is a very well sorted sandstone (“Bradesti sandstone”). The seals consist of marls associated with evaporitic rocks. The reservoirs of the C-E Fm consist of limestones and dolomites, especially in the lower part of this formation and the seals are composed by evaporitic rocks. Analysis of the main Triassic reservoirs (Bradesti sandstone as well as dolomite and limestone in the C-E Fm) suggests that there are others prospective areas for hydrocarbon accumulations in the southern part of the Bals-Optasi Uplift.

Tectonic Style and Oil and Gas Accumulation in the Moldavian Platform

Pene Constantin1, Negulescu Rodica2, and Coltoi Octavian1. (1) Faculty of Geology and Geophysics, University of Bucharest, 6 Traian Vuia Street, Bucharest, RO – 020956, Romania, phone: +40 21 3181588, penec@gg.unibuc.ro, (2) Prospectiuni SA, Prospectiuni SA, Caransebes Street, 1, Bucharest, 020834, Romania

The Moldavian Platform represents the western part of the East European Platform. Seismic profiles, well logs, cores as well as geological cross sections and maps show that during Alpine orogeny, the western part of the platform was gradually underthrusted by the Eastern Carpathian Orogene. This structural evolution imprinted a monoclinal character of the deposits and they dip westward beneath the Carpathian Foredeep (Molasse) and Eastern Carpathian Flysch. The compressional tectonic regime accompanied by slowly strike-slip movements and interrupted by short moments of extension imprinted the main tectonic style of the Moldavian Platform. It is dominated by a fault network with two predominantly directions. A first system of major faults, almost parallel with the Eastern Carpathian Orogene is of NNW-SSE orientation (Paltinoasa Fault, West Paltinoasa Fault, and Siret Fault). The second system consists of small cross faults (E-W oriented) and it generated more tectonic block alignments that follow the longitudinal fault trace. The older deposits than the Upper Sarmatian ones plunge step by step beneath Eastern Carpathians along major faults. The tectonic blocks on every step folded and generated gently anticlines and faulted monoclines. The intense compressional regime and the high subsidence rate of the Sarmatian deposits favored the formation of the lithostratigrafic traps. The gas and gas-condensate are reservoired in Albian, Badenian and Sarmatian sandstones and marls and anhydrites seal them. The study of the tectonic evolution of the Moldavian Platform suggests new prospective areas for the gas and gas-condensate in the pre-Badenian deposits.

Paleocene carbonate platform facies distribution (northern part of the Black Sea basin, Ukrainian offshore)

Sergii Vakarchuk, Department of Complex Geology- Industrial Researches, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, Ukraine, phone: +380445850219, fax: +380442487101, vakarchuk@naukanaftogaz.kiev.ua, Piter Chepil, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, and Tetyana Dovzhok, Department of oil and gas geology problems, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, Ukraine.

This study is aimed to detailed facies subdivision and mapping of the Paleocene carbonates that is stipulated by several oil and gas discoveries recently made in this sequence. An analysis is based on an integrated interpretation of core sets and well logs for more than 40 deep wells drilled in the different tectonic zones of the basin and regional and local seismic data. Carbonates of Paleocene occur at depth of 500-6000 m and extend over the most of structural-tectonic zones of the Black Sea basin. The thickness of these sediments changes from 50-100 m to 600-900m. The study has revealed several facies zones in the carbonate sediments of Paleocene: littoral (alternation of skeletal wackestones and packstone, lime mudstones, marls, calcareous sandstones and siltstones), intra-shelf (skeletal wackestones and packstone 60-70%, marls 10-20%, pelitomorphic limestone 5-15 %, baundstones 3-5%, sales 10%), outer-shelf, (skeletal wackestones and packstone 30-40%, marls 20-30%, pelitomorphic limestones 10 %, sales 20%), gentle slope (marls 20-30%, wackestones and packstone 10-15 %, pelitomorphic limestones 20 % sales 30-50%) and basin (sales and marls with intercalation of pelitomorphic limestones). Four gas and gas-condensate fields are discovered within the Paleocene carbonate to date. All from them are located in the intra-shelf zone. The reservoirs are represented with skeletal wackestones. The reservoirs are porous and porous-fissured types. Open porosity – from 10 to 32%, permeability – 0,0005-0,045 mcm2.

South Akcakoca Gas: A Black Sea Discovery 30 Years in the Making

Michael J. Fitzgerald, III1, Ed Ramirez1, William Moulton2, and Al Garcia3. (1) Toreador Resources Corp, 4809 Cole Ave, Suite 108, Dallas, TX 75205, phone: 214-559-3933, fax: 214-559-3945, mfitzgerald@toreador.net, (2) Independent Consultant, (3) Integral Technology Group

Six Eurasian countries surround the Black Sea. Of those six countries, the Republic of Turkey has the longest coastline, 1595 km. of any bounding country. Prior to 2004 there had been only six well drilled in the Turkish Black Sea, four in the far western Black Sea area and two in the west central area offshore from a small vacation town, Akcakoca.

The Akcakoca #1 and #2 wells had been drilled in the mid-1970′s designed to test Mesozoic and Cenozoic sediments seen onshore in outcrops and the subsurface. Early seismic had indicated the presence of sizable structures formed by compressional tectonics bounded by trust faults. The Akcakoca #1 well encountered gas shows in Eocene clastics from 1000m to 1400m and tested 3.25mmcfpd during an open-hole DST. The Akcakoca #2 well encountered gas shows but no tests were run.

In 2000 Madison Oil Turkey, later merged with Toreador Resources, acquired a 962,000 acre permit that contained the Akcakoca wells. Utilizing existing seismic and the original wells Toreador explorationists determined that potential existed for a significant accumulation. A conventional 2-D seismic survey and follow-up high resolution 2-D surveys enabled geophysics to map velocity anomalies that could be tied to the 1970′s wells.

In 2004 the Ayazli #1 wildcat was drilled on a thrusted anticline 3 km south of the original Akcakoca #1 well. This well tested approximately 12.0mmcfgpd from four Eocene age sands. Drilling over the next two and a half years saw the exploration group drill 12 successful well out of 14 and initiate the first gas production in the Turkish Black Sea.

This paper will review the geology and geophysics that went into this effort.

Debunking the Myths of Crimean Geology

Igor V. Popadyuk, Naukanaftogaz, Kyiv 03035 Ukraine, phone: 38 044 5852764, fax: 38 044 2487101, popadyuk@naukanaftogaz.kiev.ua

The Crimea Mountains located in the southernmost part of Crimea Peninsula in southern Ukraine hold keys to the Black Sea understanding as the coastline of Crimean Peninsula spans both Western and Eastern Black Sea.

At least two myths of the regional stratigraphy might be debunked. Myth 1: Tauric Group is not Triassic-Early Jurassic in age. Based on published palaeontological data (Ammonites) it is likely the Tauric Group to be younger, the most probably Aptian- Early-Mid Albian in age. It means that the compressive event affected basins in the Crimea region at the end of Albian, not Middle Jurassic. Myth 2: The flysch and conglomerate successions widely developed on eastern Crimea and commonly referred to the Upper Jurassic are Tertiary in age as it might be concluded based on published palaeontological (foraminifera) data. It means the volume of clastics shed from the Crimea Mountains during the Tertiary uplift seems to have been significant.

Late Jurassic to Early Cretaceous successions are incorporated in two major thrust sheets, named structurally descending as Yayla thrust and Tauric thrust. Yayla thrust is composed mostly of shallow marine carbonates of Late Jurassic-Neocomian age. Tauric thrust consists of Tauric flysch succession and equivalent siliciclastic deposits of Aptian – Early-Mid Albian age. Both of these thrust sheets were transported northward probably during the Late Albian pulse and sealed by post-tectonic cover of Cenomanian to Late Eocene sediments. The Crimea region was tectonically uplifted and eroded after Late Eocene.

The Tertiary Kamtchia Fluvio-Estuary-Fan System of Eastern Bulgaria

Rudolf Dellmour, OMV Exploration & Production GmbH, Vienna, Austria, Rudolf.Dellmour@omv.com and Gian Gabriele Ori, IRSPS, c/o Univ d’Annunzio, Viale Pindaro 42, Pescara, 65127, Italy.

OMV Bulgaria is holding the “Varna Deep Sea” Exploration license in the near offshore from the city of Varna in Eastern Bulgaria. The block covers a large Tertiary fan system sourced from the Balkanide and Carpathian mountains.

The tectonically active Hinterland provided during Eocene to Miocene a vast amount of siliciclastics from eroded crystalline and metamorphic rocks. These sediments were deposited into alluvial plains and alluvial fan aprons during relative high-stands and periods of tectonic quiescence. Relative low-stands produced massive erosion of this detritus which has been funneled through a pronounced Paleo-valley system into the deep sea. This paleovalley system spans over large parts of the Paleogene and Neogene. Two major sequence boundaries have been identified along with several minor unconformities. Today the “Paleo Kamtchia Incised Valley” forms an impressive geomorphologic feature in the landscape south of Varna.

Recent geological fieldwork over the last 3 years revealed the sedimentary history from the Eocene to the Pliocene. Field evidence for this clastic system includes fluvial, tidal and estuary sedimentary environments. This long living system of the Paleo Kamtchia came to an end when the Danube River finally broke through the Carpathians during early Quaternary. After this event the Danube captured the drainage area of the Paleo Kamtchia reducing the Kamtchia River system to a creek of minor importance.

3D seismic data acquired in 2006 reveals a pronounced and complex deepwater fan system connected to this “Paleo Kamtchia Incised Valley”. This fan system opens up a new play in the Bulgarian Black Sea similar to that which has been successfully chased by Explorationist’s worldwide over the past 20 years.

The Moesian Platform: a Critical Piece in the Tectonic Puzzle of the Black Sea Region

Gabor Tari, AllyGabor Geoscience, 6719 Avenue B, Bellaire, TX 770401, phone: 832-724-1404, gabor@allygabor.com

Based on recent results on the structure of the Moesian Platform and the Bohemian Massif segments of the European continental margin, a new model of the evolution of these passive margins is outlined. The Moesian Platform is interpreted as the upper plate, conjugate margin of the Bohemian segment of the European margin, rifted and drifted away during the Middle and Late Jurassic. Moesia, as a new microplate, was separated from the European margin at about the end of the Bathonian and started to drift towards the SE. There are no constraints on the rate of the drifting but by the Aptian Moesia should have reached its present-day position, at least 600 km to the SE from its original position. The direction of drifting can be deduced from the geometry of the major faults to the NE from the present-day Moesian Platform, in the broader Tornquist-Tesseyre fault zone, for example the Peceneaga-Camena fault bounding the Dobrogea orogenic belt. To the SW, the northeastern edge of the Bohemian Spur projecting below the Pannonian Basin is mappable by reflection seismic data providing an additional geometric constraint for the separation of Moesia from Europe. The correct reconstruction of the pre-Jurassic position of the Moesian Platform has important implications for the paleogeography of the Black Sea prior to its opening. For example, the Triassic rift system of Dobrogea in Romania can be directly correlated with the Strandzha rift sequence in southernmost Bulgaria offering a much simpler paleogeographic scenario than previously thought.

The Geological History of the Istria ‘Depression’, Offshore Romania: Tectonic Controls on Second Order Sequence Architecture

David Boote, Consultant, 12 Elsynge Road, London SW18 United Kingdom, phone: 0208 871 0069, davidboote@elsyngeroad.fsnet.co.uk

The Istria ‘Depression’ or trough of offshore Romania, lies at the intersection of the trans-European, Tornquist-Teisseyre ‘Zone’ and the Black Sea back arc basin, just outboard of the East Carpathian orogenic welt. It experienced an extraordinary polyphase history of subsidence, sedimentation and dramatic sediment evacuation during the late Mesozoic and Tertiary, reflecting the interplay between these three tectonic domains. It first developed as a trans-tensional rift in the Triassic- Jurassic to be compressed and deformed during the (?)end-Jurassic Cimmerian orogeny. Residual topography was filled by a west-facing continental clastic-evaporite sequence during the Neocomian. This was terminated by uplift and doming associated with Apto-Albian rifting and back-arc spreading in the western Black Sea. Post break-up subsidence and tilting of the Black Sea rift margin, led to easterly evacuation of its early Cretaceous sedimentary fill by gravity-driven mass wastage. The margin was subsequently transgressed from the east with deposition first confined within the open Istria trough and later expanding out onto the bounding highs. By the end of the Cretaceous, it had been entirely buried, only to be partially evacuated once more in the early Palaeocene and again quite spectacularly during the (?)late Eocene. The deeply incised canyon formed at that time, was rapidly filled by Oligocene-Miocene sediments, but late Miocene (Messinian?) draw-down of the Black Sea basin was reflected by yet a third period of erosional incision. Continental margin outbuilding followed during the Plio-Pleistocene with deposition of several rapidly prograding wedges. This was interrupted by a major gravity slide event and several phases of shelf-margin canyon incision and late phase of shelf margin listric faulting, reflecting the final docking of the Carpathian orogen.

Oil and Gas Prospects of the Ukrainian Part of the Western Black Sea

Oxana Khriachtchevskaia, Naukanaftogaz, Uritskogo Str., 45, Kyiv, 03035, Ukraine, phone: +38(044)5852762, hryaschevska@naukanaftogaz.kiev.ua and Sergiy Stovba, Naukanaftogaz, Uritskoga Str., 45, Kiev, 03035, Ukraine.

Eight gas-condensate commercial fields have been discovered within the Odessa shelf (western part of the Ukrainian Black Sea) during last three decades. The success factor of drilling is 0.5. The productive horizons are located in Upper Cretaceous, Palaeocene, Eocene, Oligocene and Lower Miocene sequences. Present-day exploration activity is focused on inverted structural highs within shallow water area (350 sq. km) in Tertiary and older sediments exist further to the east within Sorokin Trough and Andrusov Ridge. In the easternmost part of the Ukrainian Black Sea a number of high-amplitude anticlines has been mapped in shallow water depth and a huge Mesozoic structure of 400 sq. km in deep water depth (150-700 m). Eocene, Oligocene and Miocene sediments are considered as source rocks with good generative potential for hydrocarbons. There are strong direct hydrocarbon indicators on seismic data. According to expert appraisal, each major lead formed within Upper Mesozoic-Cenozoic section in water depths of 100 m to 2000 m has an area of several hundred sq. km, with vertical closure of hundreds of meters, and has the potential to contain hundred million barrels of recoverable hydrocarbons. The drilling of Subbotina well up to 4300 m has confirmed the high oil and gas potential of Kerch shelf. Plenty of oil and gas reservoirs were determined along the section of the well. Some of them were tested in the lower part of Oligocene sequence with successful result and commercial oil inflow.

The Tectonic Ecology of the Black Sea

Celal Sengor, Istanbul Technical University, Istanbul, Turkey, phone: 90 212 285 6209, sengor@itu.edu.tr and Boris NatalIn.

The Black Sea formed within a complicated area. It had two orogenic collages plastered against each other and fragments of one Gondwana-Land bound continental margin orogen: the Scythides, and the two parts of the Cimmerides. It began opening as a consequence of Alpide subduction of Neo-Tethyan ocean floor in the Aptian-Albian interval and at least in its eastern part, clearly split a continental margin arc. Eastwards it clearly did not connect with the earlier Flysch trough of the Greater Caucasus and neither did it have any relation to the ongoing Cimmeride shortening as late as the Nish-Trojan trough formation. It disrupted a pre-existing fabric, but it is remarkable that the Andrusov Ridge exactly parallels the old Scythide/Cimmeride fabric of en-echelon arc segments.

It evolved as a marginal basin of Japan-Sea type and even in its history of rear-arc shortening it greatly resembles the present structure of the Japan Sea. After the Miocene Arabia/Eurasia final collision, Black Sea began shortening as far east as Zonguuldak. West of there it was extending north-south in unison with Bulgaria, Macedonia and Greece.

It is remarkable how ‘continental’ its behaviour is. We compare this with that of the Tarim Basin and suggest that the Tarim is perhaps a palaeo-Black Sea.

Geological History and Hydrocarbon Potential of the Eastern Black Sea Region

Anatoly M. Nikishin, Geological Faculty, Moscow State University, Moscow, 119992, Russia, phone: (495) 939 49 31, fax: (495) 939 38 65, nikishin@geol.msu.ru and Aleksandr P. Afanasenkov, YUKOS oil companie, Moscow, Russia.

The Eastern Black Sea Basin originated as a back-arc basin during the Cretaceous times. Both the Western and Eastern Black Sea basins have been opened nearly simultaneously during Cenomanian to Coniacian times. Shatsky Ridge was a carbonate platform and zone of pinnacle-type reefs during the Late Jurassic. It was a platformal area since the Cretaceous. The Tuapse, Guria and Sorokin basins originated at the Eocene-Oligocene transition as a flexural foredeep basins. Shatsky Ridge was affected by flexural tectonics also at those times. Shatsky Ridge has a Miocene river system. Since Pliocene only Shatsky ridge was subsided up to 2 km simultaneously with main folding event in the Tuaspe Basin. Hydrocarbon potential of the Shatsky Ridge, Tuapse Basin and Sorokin Basin is connected with: (1) Late Jurassic carbonate platform and system of large pinnacle-type reefs: (2) Possible Paleocene bioclastic limestones; (3) possible Eocene nummulite limestones; (4) possible Oligocene turbitites with sandstone bodies; (5) Miocene river system; (6) Miocene and Pliocene horizons of sandstones.

The Impact of Recent Data on the Interpretation of the Geologic Evolution and Petroleum System of the Eastern Black Sea Basin, Offshore Georgia

Ryan J. Wilson, Neil Mountford, Paul Maguire, and Richard Hedley. Anadarko Algeria Corporation, 1 Harefield Road, Uxbridge, UB8 1YH, United Kingdom, phone: +44 (0)1895 209400, ryan.wilson@anadarko.com

The genesis and sediment-fill history of the Eastern Black Sea Basin, offshore Georgia has been largely understudied with little new data being acquired since the Soviet Era. However, recent data acquired demonstrate the existence of a Tertiary petroleum system.

The Oligo-Miocene Maykop Formation is a widespread source rock that extends from Romania to Turkmenistan. It has been identified as the source of the hydrocarbons in the giant fields of the South Caspian and the accumulations in both the western and eastern onshore basins in Georgia. In addition, oils collected and analyzed from active seeps offshore Georgia, directly above mapped structural culminations, confirms the presence of a generative Maykop in the Eastern Black Sea Basin.

Offshore Georgia can be subdivided into three tectonic provinces, one of which is characterised by high-amplitude anticlines that strike in a southwest-northeast direction as a result of shortening from the Middle Miocene to present day. These fold and thrust anticlines range from classic box folds to overturned folds, with a common decollment within the Maykop.

The primary reservoir sands are believed to be of Middle Miocene age, and based on 3D seismic data, the sandstones were deposited in deepwater channel-levee systems that originated from the north. Late Miocene to present day depositional systems have a south-easterly provenance of volcanic/lithic origins.

In 2005, the first deepwater well in the Eastern Black Sea Basin was drilled offshore Turkey but did not penetrate the northerly-sourced reservoir system. Consequently, the offshore Georgia petroleum system, with billion barrel opportunities, remains untested.

Mud Volcanoes and Fluid Migration in the Sorokin Trough

Sebastian Krastel1, Michelle Wagner-Friedrichs1, Volkhard Spiess1, Leonid Meisner2, Gerhard Borhmann3, and Michael Ivanov4. (1) Marine Technology – Environmental Research, Bremen University, Klagenfurter Strasse, Bremen, D-24359, Germany, phone: +49-421-2184598, skrastel@uni-bremen.de, (2) Marine Geology and Hydrocarbon potential department, Okeangeofizika Research Institute, Krymskaja Str. 18, Gelendzhik, 353470, Russia, (3) Marine Geology, Bremen University, Klagenfurter Strasse, Bremen, 28359, Germany, (4) Moscow State University

The Sorokin Trough forms structural depression along the south-eastern margin of the Crimean Peninsula. Compressive deformation affects the growth of diapiric ridges and facilitates fluid flow to the seafloor and the evolution of mud volcanoes above the diapirs. The main objective of a high-resolution multi-channel seismic survey carried out by Bremen University (Germany) was to study the evolution and formation of mud volcanoes correlated to gas/fluid migration and gas hydrates occurrences. We grouped mud volcanoes in the Sorokin Trough in three areas. The different geological setting influences the evolution of the individual mud volcanoes and hence their morphology. Collapsed depressions dominate in Area 1 in the western survey area. A 2.5D seismic data set was collected across the Sevastopol Mud Volcano representing a typical collapsed depression located above a complex diapiric structure with two ridges. Bright Spots in direct vicinity of the conduit of the mud volcano probably mark the base of the gas hydrate stability zone. We postulate that overpressured fluids initiated an explosive eruption generating the collapsed depression of the Sevastopol mud volcano and subsequent mud extrusions formed cones within the depression. The homogeneous fan deposits of the Palaeo Don-Kuban Fan in the central and eastern Sorokin Trough are characterized by increased permeability resulting in quiet effusive mud extrusions in Areas 2 and 3. Mud volcanoes in the central Area 2 reach enormous dimensions with diameters up to 2000 m and heights of about 100 m where faults with large offsets allow high mud flow rates.

Geology and Petroleum Potential of the Shatsky Ridge (Black Sea)

Alexey L. Meisner, DCS, Schlumberger logelco inc, 9 Taganskaya str., Moscow, Russia, Moscow, Russia, phone: +7 916 868 61 84, ameisner@moscow.oilfield.slb.com and Leonid B. Meisner, Geological, Yuzhmorgeologiya, Krymskaya Str. 18, Gelendzhik, Russia, Gelendzhik, Russia.

The Shatsky Ridge is an anticline structure that is comprised of the Upper Mesozoic-Paleogene rocks. Anticlinels have dimensions up to 66 x 18 km. It lies mainly at water depth about 2 km and extends from the Georgia coast to the Mountain Crimea (Ukraine). The goal of this work was to research perspective of Shatsky Ridge. Seismic and magnetic data have contributed to the recognition of main geological features. There are no wells drilled within the ridge, and the analog data from the Western Georgia and Crimea were used for lithology and reservoir prediction.

The lowest sequence consists of the Low Jurassic thick black shales, deposited on the top of Paleozoic basement. Magnetic anomalies caused most likely by the Middle Jurassic gabbro intrusions. Upper Jurassic-Eocene section consists of mainly carbonate rocks. This section contains the reservoir quality rocks. Limestone porosity varies between 5 – 20 %, range of permeability is 10 – 40 md. Presence of Upper Jurassic reefs, Eocene nummulitic limestone points to a shallow marine sedimentation. These reservoirs are overlain by marine thick shale seals of the Oligocene-Quaternary ages.

A potential of source rocks belongs probably to the Jurassic and the Low Cretaceous rocks. It is also possible that hydrocarbons could migrate into Mesozoic reservoirs from sources rock of the Eocene and the Maikop succession of the adjacent troughs.

Mud volcanoes and seismic anomalies “bright spot” indicate hydrocarbon accumulations in the sedimentary cover of the Shatsky Ridge.

Reservoir prediction, sizes of anticlines and hydrocarbon seeps make conclude that the Shatsky Ridge may contains undrilled prospects and form a basis for its future exploration.

Effects of Tectonics on Deposition in the Balkans of Eastern Bulgaria

Michal Nemcok, Energy and Geoscience Institute, University of Utah, 423 Wakara Way, Suite 300, Salt Lake City, UT 84108, phone: 801-585-9829, fax: 801-585-3540, mnemcok@egi.utah.edu, Charles J. Stuart, EGI at University of Utah, 423 Wakara Way, Suite 300, Salt Lake City, UT 84108, Dian Vangelov, Department of Geology at Sofia University, bul. Tzaz. Osvoboditel 15, Sofia, 1000, Bulgaria, Eric R. Higgins, Chesapeake Energy Corporation, 6100 N. Western Avenue, Oklahoma City, OK 73118, Chelsea Welker, EGI at University of Utah, 423 Wakara Way; Suite 300, Salt Lake City, UT 84108, and David Meaux, AOA Geophysics Inc, 11200 Westheimer, Suite 850, Houston, TX 77042.

The E Balkans geometry during Paleocene-Recent was characterized by a southeastward plunge toward the Western Black Sea, caused by: 1) a combination of eastward-thinning continental crust in the west, and oceanic crust in the east; 2) post-rift thermal subsidence of the continental crust; 3) buttressing against the Moesian Platform in the west and no buttressing in the east; and 4) northeastward advance of the thrustbelt.

The eastward-fading uplift and buttressing are evidenced by: 1) eastward decreasing amount of shortening along constructed profiles, yielding 30km, 10.5km, 11km and 4km from west to east; 2) eastward trend of more complete stratigraphic sections and shallower erosional levels; and 3) eastward increase in décollement depths, being 3.7km, 3.8km, 9.5-13.5km and 12.3-14.1km. The last thrusting age is progressively older toward the east from Middle Eocene through Late Eocene to Late Eocene/Oligocene. Onshore thrustbelt, which was significantly affected by buttressing against the Moesian Platform, exhibits thrusting followed by Late Eocene gravitational collapse, Oligocene quiescence and Neogene extension. The offshore thrustbelt exhibits thrusting followed by Oligocene-Neogene extension. A Paleocene-Middle Eocene piggyback basin formed in the onshore portion of the thrustbelt, centered in the East Balkan Zone, with a southeastward plunging axis, which migrated northeastward with basin shortening and filling.

Sedimentology And Timing Of Hydrocarbon-seepage (Lower Eocene, Varna, Bulgaria)

Eva De Boever, Geologie, K.U. Leuven, Celestijnenlaan 200 E, 3001 Leuven, Belgium, phone: +32 16 32 77 98, eva.deboever@geo.kuleuven.be, Rudy Swennen, Geologie, K.U.Leuven, Celestijnenlaan 200E, 3001 Heverlee, Belgium, and Lyubomir Dimitrov, Institute of Oceanology, P.O. Box 152, 9000 Varna, Bulgaria.

In the Pobiti Kamani area (Varna, NE Bulgaria), Lower Eocene sandy sediments contain several clusters of up to 8m high calcite-cemented chimney structures. ?13C values as low as -43‰ V-PDB indicate a hydrocarbon-seepage related origin. The depositional sequence of the shallow marine platform sediments is characterized by several cemented stratal surfaces which are cross cut by chimney structures. In this contribution, the origin of the cemented surfaces is addressed based on sedimentological, petrographical and stable isotope geochemical data and the implications with respect to the timing of hydrocarbon seepage are evaluated. Grain size measurements in two continuous vertical sections allow to distinguish two depositional sequences. Transgressive (TS) and maximum flooding (MFS) surfaces are characterized by extensive calcite cementation, thus indicating a sequence stratigraphical control on cementation. Different cement-types have been recognized. The bulk stable isotope signature of these cements indicates precipitation from Lower Eocene marine pore fluids, affected by later meteoric resetting. ?13C depletions of the dominant pore cementing “mosaic” cement as low as -20.6‰ V-PDB however supports also a pre-compactional influence of hydrocarbon-seepage which decreases within m-distance from chimney clusters. The MFS near the top of the Dikilitash Formation is partly cemented by transparent poikilotopic calcite in keystone-type vugs and in interparticular porosity. Its very early diagenetic origin and ?13C depletion (-16‰ V-PDB) suggest that hydrocarbon-bearing fluids percolated through the sandy sediments near the seafloor at the end of ??the Upper Ypresian. Other coarse-grained,13C depleted (-26‰ V-PDB) concretionary horizons likely resulted from post-sedimentary lateral migration of seepage fluids.

AAPG & AAPG European Region Energy Conference and Exhibition (November 18-21, 2007) Technical Program

I have compiled these abstracts from the AAPG conference in Athens 2007, where the Black Sea had its own sessions. Especially Bulgaria, Ukraine and Georgia were covered during the session, but also some examples from offshore and onshore Turkey were covered during these sessions. The under explored Offshore Black Sea has gained more attention the latter years since more data has been collected. Especially offshore Ukraine, several generations of 2D seismic has revealed some potential offshore until now not been discovered. However since the mid 1990’s there has been some interest due to the first generation 2D seismic and some older CCCP seismic, pre 1990’s. With this compilation we want to promote more interest for the offshore Black Sea, as we see this as an area for the future as oil and gas legislations in bounding countries mature and gets more open for international oil and gas companies, as well as investors. Upper Jurassic Reefs of the Western Caucasus-Crimea; Hydrocarbon Implications for the Eastern Black Sea

Li Guo1, Stephen J. Vincent1, Samuel P. Rice1, and Vladimir Lavrishchev2. (1) CASP, Department of Earth Sciences, University of Cambridge, 181a Huntingdon Road, Cambridge, CB3 0DH, United Kingdom, phone: +44 1223 337068, li.guo@casp.cam.ac.uk, (2) Kavkazgeols’emka, Ul. Kislovodskaya 203, Yessentuki, Russia

Widespread Upper Jurassic reefs are important potential reservoir facies in the Eastern Black Sea Basin. Russian seismic reflection data from the northern Shatskiy Ridge indicate possible offshore reef-facies occurrences up to 1-2 km thick and 10-20 km wide. Data from excellent onshore exposures in the Russian Western Caucasus and Crimea provide a reservoir analogue for offshore targets. A model for development and distribution of the carbonate reefs is presented with reference to possible alternative tectonic settings for the Upper Jurassic north Tethyan Margin.

Outcrops of well-preserved Upper Jurassic reefs can be grouped into coral-dominated, siliceous sponge-microbial and microbial types. Patchy and massive coral-dominated reefs formed at shallow-water platform margins or in slightly restricted deeper-water mid shelf settings. Siliceous sponge-microbial and microbial reefs occur as lenses and mounds and are restricted to deeper-water mid-outer shelf environments. The development of these reefs was controlled mainly by local variations in water depth, light, and the availability of nutrients.

The reefs exhibit a complex pattern of porosity development reflecting independent diagenetic histories involving near-surface and deep-burial dissolution, dolomitization and dedolomitization. Porosity is particularly common in coral-dominated reef facies and consists of both primary and secondary types.

Coral-dominated reefs analogous to onshore outcrops in the Russian Western Caucasus are likely to occur along the northwestern margin of the Yuzhnyi-Adler carbonate platform in the Eastern Black Sea. Possible isolated deeper-water reefs imaged on the northern Shatskiy Ridge could be largely composed of siliceous sponge-microbialite and microbialite facies. Similar reef facies may be present on the Mid Black Sea High. Lithostratigraphy of the Upper Jurassic – Cretaceous Deposits and Hydrocarbon Perspective in the Romanian Shelf of the Black Sea

Ovidiu Nicolae Dragastan, Faculty of Geology and Geophysics, Bucharest University, Bulevardul N Balcescu no. 1, Bucharest 010041 Romania, phone: 0040729610876, ovidiud@geo.edu.ro

In the Romanian shelf of the Black Sea (offshore), Petromar Co. drilled and has obtained cores of Middle and Upper Jurassic- Cretaceous deposits, as well as Paleogene and Neogene ones. The Mesozoic and Cenozoic deposits belongs to two main geological units: the North Dobrogea Orogenic Belt and the Moesian Platform. In the offshore of the North Dobrogea Orogenic Belt three cycles of sedimentation have been identified: 1. A lower transgressive cycle corresponding to the compression phase of synrift 1 (Bajocian- Callovian ?), the last stage possible corresponding to a „general” unconformity or to a break up 1 between the Middle and Upper Jurassic , with black calci- and siltic turbidites (Heraclea Formation). 2. A middle transgressive compression phase composed by mudstones, claystones and siltstones ( Pontus Formation), Upper Jurassic- Neocomian in age corresponding to the synrift 2 followed by a break up 2 to the Jurassic-Cretaceous boundary and intra Neocomian covered different times hiatuses. 3. An upper large postrift phase Albian to Senonian, continued during the Paleogene and Neogene. Many short and long time hiatuses are recorded that include the Cretaceous deposits. Three source rocks can be identified for hydrocarbon generation: – the black argillaceous, siltic to sandstones of the Heraclea Formation (Middle Jurassic in age), about 1000 m in thickness.; – the black argillites of the Pontus Formation (Neocomian) and – the Oligocene- Miocene bituminous shales, clays and marls known more or less as the Maikop beds.Hydrocarbon Accumulation in the Permo-Triassic Reservoirs of the Moesian Platform

Pene Constantin1, Niculescu Bogdan1, and Mitru Daniela2. (1) Faculty of Geology and Geophysics, University of Bucharest, 6 Traian Vuia Street, Bucharest, RO – 020956, Romania, phone: +40 21 3181588, penec@gg.unibuc.ro, (2) T.E.I.-Kozani, T.E.I.-Kozani, 114, Ioanis, Kozani, Kozani, Greece

Romanian petroleum basins contain hydrocarbon fields in the Triassic reservoirs only in the north-west of the Moesian Platform and in its south was identified an “oil show”. This distribution of the oil and gas fields is a little enigmatic, because of their position regarding the Bals-Optasi Uplift. Well logs, cores, some seismic profiles and lithophacies maps define the depositional systems and the dispersal patterns of the reservoirs and seals of the Triassic formations. The Permo-Triassic deposits consist of three lithostratigraphic formations: Lower Red Detrital (LRD Fm) (Lower Triassic), Carbonatic-Evaporitic (C-E Fm) (Middle Triassic) and Upper Red Detrital (URD Fm) (Upper Triassic). The lowest part of the LRD Fm and the URD Fm consists of multiple coarsening-upward parasequences deposited in deltaic and fluviatil environments of the lowstand systems tract during a forced regression. The upper part of the LRD Fm consists of fining-upward parasequences that sugests a strong transgression. This evolution is the result of the Permo-Triassic riftogenesis. The main reservoir is a very well sorted sandstone (“Bradesti sandstone”). The seals consist of marls associated with evaporitic rocks. The reservoirs of the C-E Fm consist of limestones and dolomites, especially in the lower part of this formation and the seals are composed by evaporitic rocks. Analysis of the main Triassic reservoirs (Bradesti sandstone as well as dolomite and limestone in the C-E Fm) suggests that there are others prospective areas for hydrocarbon accumulations in the southern part of the Bals-Optasi Uplift. Tectonic Style and Oil and Gas Accumulation in the Moldavian Platform

Pene Constantin1, Negulescu Rodica2, and Coltoi Octavian1. (1) Faculty of Geology and Geophysics, University of Bucharest, 6 Traian Vuia Street, Bucharest, RO – 020956, Romania, phone: +40 21 3181588, penec@gg.unibuc.ro, (2) Prospectiuni SA, Prospectiuni SA, Caransebes Street, 1, Bucharest, 020834, Romania

The Moldavian Platform represents the western part of the East European Platform. Seismic profiles, well logs, cores as well as geological cross sections and maps show that during Alpine orogeny, the western part of the platform was gradually underthrusted by the Eastern Carpathian Orogene. This structural evolution imprinted a monoclinal character of the deposits and they dip westward beneath the Carpathian Foredeep (Molasse) and Eastern Carpathian Flysch. The compressional tectonic regime accompanied by slowly strike-slip movements and interrupted by short moments of extension imprinted the main tectonic style of the Moldavian Platform. It is dominated by a fault network with two predominantly directions. A first system of major faults, almost parallel with the Eastern Carpathian Orogene is of NNW-SSE orientation (Paltinoasa Fault, West Paltinoasa Fault, and Siret Fault). The second system consists of small cross faults (E-W oriented) and it generated more tectonic block alignments that follow the longitudinal fault trace. The older deposits than the Upper Sarmatian ones plunge step by step beneath Eastern Carpathians along major faults. The tectonic blocks on every step folded and generated gently anticlines and faulted monoclines. The intense compressional regime and the high subsidence rate of the Sarmatian deposits favored the formation of the lithostratigrafic traps. The gas and gas-condensate are reservoired in Albian, Badenian and Sarmatian sandstones and marls and anhydrites seal them. The study of the tectonic evolution of the Moldavian Platform suggests new prospective areas for the gas and gas-condensate in the pre-Badenian deposits. Paleocene carbonate platform facies distribution (northern part of the Black Sea basin, Ukrainian offshore)

Sergii Vakarchuk, Department of Complex Geology- Industrial Researches, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, Ukraine, phone: +380445850219, fax: +380442487101, vakarchuk@naukanaftogaz.kiev.ua, Piter Chepil, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, and Tetyana Dovzhok, Department of oil and gas geology problems, Scientific Research Institute of Oil and Gas Industry (Naukanaftogaz), Uritskogo Str., 45, Kyiv, 03035, Ukraine.

This study is aimed to detailed facies subdivision and mapping of the Paleocene carbonates that is stipulated by several oil and gas discoveries recently made in this sequence. An analysis is based on an integrated interpretation of core sets and well logs for more than 40 deep wells drilled in the different tectonic zones of the basin and regional and local seismic data. Carbonates of Paleocene occur at depth of 500-6000 m and extend over the most of structural-tectonic zones of the Black Sea basin. The thickness of these sediments changes from 50-100 m to 600-900m. The study has revealed several facies zones in the carbonate sediments of Paleocene: littoral (alternation of skeletal wackestones and packstone, lime mudstones, marls, calcareous sandstones and siltstones), intra-shelf (skeletal wackestones and packstone 60-70%, marls 10-20%, pelitomorphic limestone 5-15 %, baundstones 3-5%, sales 10%), outer-shelf, (skeletal wackestones and packstone 30-40%, marls 20-30%, pelitomorphic limestones 10 %, sales 20%), gentle slope (marls 20-30%, wackestones and packstone 10-15 %, pelitomorphic limestones 20 % sales 30-50%) and basin (sales and marls with intercalation of pelitomorphic limestones). Four gas and gas-condensate fields are discovered within the Paleocene carbonate to date. All from them are located in the intra-shelf zone. The reservoirs are represented with skeletal wackestones. The reservoirs are porous and porous-fissured types. Open porosity – from 10 to 32%, permeability – 0,0005-0,045 mcm2. South Akcakoca Gas: A Black Sea Discovery 30 Years in the Making

Michael J. Fitzgerald, III1, Ed Ramirez1, William Moulton2, and Al Garcia3. (1) Toreador Resources Corp, 4809 Cole Ave, Suite 108, Dallas, TX 75205, phone: 214-559-3933, fax: 214-559-3945, mfitzgerald@toreador.net, (2) Independent Consultant, (3) Integral Technology Group

Six Eurasian countries surround the Black Sea. Of those six countries, the Republic of Turkey has the longest coastline, 1595 km. of any bounding country. Prior to 2004 there had been only six well drilled in the Turkish Black Sea, four in the far western Black Sea area and two in the west central area offshore from a small vacation town, Akcakoca.

The Akcakoca #1 and #2 wells had been drilled in the mid-1970′s designed to test Mesozoic and Cenozoic sediments seen onshore in outcrops and the subsurface. Early seismic had indicated the presence of sizable structures formed by compressional tectonics bounded by trust faults. The Akcakoca #1 well encountered gas shows in Eocene clastics from 1000m to 1400m and tested 3.25mmcfpd during an open-hole DST. The Akcakoca #2 well encountered gas shows but no tests were run.

In 2000 Madison Oil Turkey, later merged with Toreador Resources, acquired a 962,000 acre permit that contained the Akcakoca wells. Utilizing existing seismic and the original wells Toreador explorationists determined that potential existed for a significant accumulation. A conventional 2-D seismic survey and follow-up high resolution 2-D surveys enabled geophysics to map velocity anomalies that could be tied to the 1970′s wells.

In 2004 the Ayazli #1 wildcat was drilled on a thrusted anticline 3 km south of the original Akcakoca #1 well. This well tested approximately 12.0mmcfgpd from four Eocene age sands. Drilling over the next two and a half years saw the exploration group drill 12 successful well out of 14 and initiate the first gas production in the Turkish Black Sea.

This paper will review the geology and geophysics that went into this effort.Debunking the Myths of Crimean Geology

Igor V. Popadyuk, Naukanaftogaz, Kyiv 03035 Ukraine, phone: 38 044 5852764, fax: 38 044 2487101, popadyuk@naukanaftogaz.kiev.ua

The Crimea Mountains located in the southernmost part of Crimea Peninsula in southern Ukraine hold keys to the Black Sea understanding as the coastline of Crimean Peninsula spans both Western and Eastern Black Sea.

At least two myths of the regional stratigraphy might be debunked. Myth 1: Tauric Group is not Triassic-Early Jurassic in age. Based on published palaeontological data (Ammonites) it is likely the Tauric Group to be younger, the most probably Aptian- Early-Mid Albian in age. It means that the compressive event affected basins in the Crimea region at the end of Albian, not Middle Jurassic. Myth 2: The flysch and conglomerate successions widely developed on eastern Crimea and commonly referred to the Upper Jurassic are Tertiary in age as it might be concluded based on published palaeontological (foraminifera) data. It means the volume of clastics shed from the Crimea Mountains during the Tertiary uplift seems to have been significant.

Late Jurassic to Early Cretaceous successions are incorporated in two major thrust sheets, named structurally descending as Yayla thrust and Tauric thrust. Yayla thrust is composed mostly of shallow marine carbonates of Late Jurassic-Neocomian age. Tauric thrust consists of Tauric flysch succession and equivalent siliciclastic deposits of Aptian – Early-Mid Albian age. Both of these thrust sheets were transported northward probably during the Late Albian pulse and sealed by post-tectonic cover of Cenomanian to Late Eocene sediments. The Crimea region was tectonically uplifted and eroded after Late Eocene.The Tertiary Kamtchia Fluvio-Estuary-Fan System of Eastern Bulgaria

Rudolf Dellmour, OMV Exploration & Production GmbH, Vienna, Austria, Rudolf.Dellmour@omv.com and Gian Gabriele Ori, IRSPS, c/o Univ d’Annunzio, Viale Pindaro 42, Pescara, 65127, Italy.

OMV Bulgaria is holding the “Varna Deep Sea” Exploration license in the near offshore from the city of Varna in Eastern Bulgaria. The block covers a large Tertiary fan system sourced from the Balkanide and Carpathian mountains.

The tectonically active Hinterland provided during Eocene to Miocene a vast amount of siliciclastics from eroded crystalline and metamorphic rocks. These sediments were deposited into alluvial plains and alluvial fan aprons during relative high-stands and periods of tectonic quiescence. Relative low-stands produced massive erosion of this detritus which has been funneled through a pronounced Paleo-valley system into the deep sea. This paleovalley system spans over large parts of the Paleogene and Neogene. Two major sequence boundaries have been identified along with several minor unconformities. Today the “Paleo Kamtchia Incised Valley” forms an impressive geomorphologic feature in the landscape south of Varna.

Recent geological fieldwork over the last 3 years revealed the sedimentary history from the Eocene to the Pliocene. Field evidence for this clastic system includes fluvial, tidal and estuary sedimentary environments. This long living system of the Paleo Kamtchia came to an end when the Danube River finally broke through the Carpathians during early Quaternary. After this event the Danube captured the drainage area of the Paleo Kamtchia reducing the Kamtchia River system to a creek of minor importance.

3D seismic data acquired in 2006 reveals a pronounced and complex deepwater fan system connected to this “Paleo Kamtchia Incised Valley”. This fan system opens up a new play in the Bulgarian Black Sea similar to that which has been successfully chased by Explorationist’s worldwide over the past 20 years.The Moesian Platform: a Critical Piece in the Tectonic Puzzle of the Black Sea Region

Gabor Tari, AllyGabor Geoscience, 6719 Avenue B, Bellaire, TX 770401, phone: 832-724-1404, gabor@allygabor.com

Based on recent results on the structure of the Moesian Platform and the Bohemian Massif segments of the European continental margin, a new model of the evolution of these passive margins is outlined. The Moesian Platform is interpreted as the upper plate, conjugate margin of the Bohemian segment of the European margin, rifted and drifted away during the Middle and Late Jurassic. Moesia, as a new microplate, was separated from the European margin at about the end of the Bathonian and started to drift towards the SE. There are no constraints on the rate of the drifting but by the Aptian Moesia should have reached its present-day position, at least 600 km to the SE from its original position. The direction of drifting can be deduced from the geometry of the major faults to the NE from the present-day Moesian Platform, in the broader Tornquist-Tesseyre fault zone, for example the Peceneaga-Camena fault bounding the Dobrogea orogenic belt. To the SW, the northeastern edge of the Bohemian Spur projecting below the Pannonian Basin is mappable by reflection seismic data providing an additional geometric constraint for the separation of Moesia from Europe. The correct reconstruction of the pre-Jurassic position of the Moesian Platform has important implications for the paleogeography of the Black Sea prior to its opening. For example, the Triassic rift system of Dobrogea in Romania can be directly correlated with the Strandzha rift sequence in southernmost Bulgaria offering a much simpler paleogeographic scenario than previously thought.The Geological History of the Istria ‘Depression’, Offshore Romania: Tectonic Controls on Second Order Sequence Architecture

David Boote, Consultant, 12 Elsynge Road, London SW18 United Kingdom, phone: 0208 871 0069, davidboote@elsyngeroad.fsnet.co.uk

The Istria ‘Depression’ or trough of offshore Romania, lies at the intersection of the trans-European, Tornquist-Teisseyre ‘Zone’ and the Black Sea back arc basin, just outboard of the East Carpathian orogenic welt. It experienced an extraordinary polyphase history of subsidence, sedimentation and dramatic sediment evacuation during the late Mesozoic and Tertiary, reflecting the interplay between these three tectonic domains. It first developed as a trans-tensional rift in the Triassic- Jurassic to be compressed and deformed during the (?)end-Jurassic Cimmerian orogeny. Residual topography was filled by a west-facing continental clastic-evaporite sequence during the Neocomian. This was terminated by uplift and doming associated with Apto-Albian rifting and back-arc spreading in the western Black Sea. Post break-up subsidence and tilting of the Black Sea rift margin, led to easterly evacuation of its early Cretaceous sedimentary fill by gravity-driven mass wastage. The margin was subsequently transgressed from the east with deposition first confined within the open Istria trough and later expanding out onto the bounding highs. By the end of the Cretaceous, it had been entirely buried, only to be partially evacuated once more in the early Palaeocene and again quite spectacularly during the (?)late Eocene. The deeply incised canyon formed at that time, was rapidly filled by Oligocene-Miocene sediments, but late Miocene (Messinian?) draw-down of the Black Sea basin was reflected by yet a third period of erosional incision. Continental margin outbuilding followed during the Plio-Pleistocene with deposition of several rapidly prograding wedges. This was interrupted by a major gravity slide event and several phases of shelf-margin canyon incision and late phase of shelf margin listric faulting, reflecting the final docking of the Carpathian orogen.Oil and Gas Prospects of the Ukrainian Part of the Western Black Sea

Oxana Khriachtchevskaia, Naukanaftogaz, Uritskogo Str., 45, Kyiv, 03035, Ukraine, phone: +38(044)5852762, hryaschevska@naukanaftogaz.kiev.ua and Sergiy Stovba, Naukanaftogaz, Uritskoga Str., 45, Kiev, 03035, Ukraine.

Eight gas-condensate commercial fields have been discovered within the Odessa shelf (western part of the Ukrainian Black Sea) during last three decades. The success factor of drilling is 0.5. The productive horizons are located in Upper Cretaceous, Palaeocene, Eocene, Oligocene and Lower Miocene sequences. Present-day exploration activity is focused on inverted structural highs within shallow water area (

Hydrocarbon Bearing Area in the Eastern Part of the Ukrainian Black Sea

Sergiy Stovba, “Naukanaftogaz” – Scientific Research Institute of Oil and Gas Industry of National Joint-Stock Company “Naftogaz of Ukraine”, Kyiv, Ukraine, phone: +38 044 5852765, stovba@naukanaftogaz.kiev.ua and Oxana Khriachtchevskaia, Naukanaftogaz, Uritskogo Str., 45, Kyiv, 03035, Ukraine.

A regional investigation of the eastern part of the Ukrainian Black Sea has been carried using a vast set of regional seismic reflection profiles, including the new set of regional seismic profiles by Naftogaz of Ukraine. To the south of the Crimea peninsula 20 large structures with closures of 50-200 sq. km have been mapped within Oligocene-Miocene-Pliocene sediments. Huge structures (>350 sq. km) in Tertiary and older sediments exist further to the east within Sorokin Trough and Andrusov Ridge. In the easternmost part of the Ukrainian Black Sea a number of high-amplitude anticlines has been mapped in shallow water depth and a huge Mesozoic structure of 400 sq. km in deep water depth (150-700 m). Eocene, Oligocene and Miocene sediments are considered as source rocks with good generative potential for hydrocarbons. There are strong direct hydrocarbon indicators on seismic data. According to expert appraisal, each major lead formed within Upper Mesozoic-Cenozoic section in water depths of 100 m to 2000 m has an area of several hundred sq. km, with vertical closure of hundreds of meters, and has the potential to contain hundred million barrels of recoverable hydrocarbons. The drilling of Subbotina well up to 4300 m has confirmed the high oil and gas potential of Kerch shelf. Plenty of oil and gas reservoirs were determined along the section of the well. Some of them were tested in the lower part of Oligocene sequence with successful result and commercial oil inflow.The Tectonic Ecology of the Black Sea

Celal Sengor, Istanbul Technical University, Istanbul, Turkey, phone: 90 212 285 6209, sengor@itu.edu.tr and Boris NatalIn.

The Black Sea formed within a complicated area. It had two orogenic collages plastered against each other and fragments of one Gondwana-Land bound continental margin orogen: the Scythides, and the two parts of the Cimmerides. It began opening as a consequence of Alpide subduction of Neo-Tethyan ocean floor in the Aptian-Albian interval and at least in its eastern part, clearly split a continental margin arc. Eastwards it clearly did not connect with the earlier Flysch trough of the Greater Caucasus and neither did it have any relation to the ongoing Cimmeride shortening as late as the Nish-Trojan trough formation. It disrupted a pre-existing fabric, but it is remarkable that the Andrusov Ridge exactly parallels the old Scythide/Cimmeride fabric of en-echelon arc segments.

It evolved as a marginal basin of Japan-Sea type and even in its history of rear-arc shortening it greatly resembles the present structure of the Japan Sea. After the Miocene Arabia/Eurasia final collision, Black Sea began shortening as far east as Zonguuldak. West of there it was extending north-south in unison with Bulgaria, Macedonia and Greece.

It is remarkable how ‘continental’ its behaviour is. We compare this with that of the Tarim Basin and suggest that the Tarim is perhaps a palaeo-Black Sea.Geological History and Hydrocarbon Potential of the Eastern Black Sea Region

Anatoly M. Nikishin, Geological Faculty, Moscow State University, Moscow, 119992, Russia, phone: (495) 939 49 31, fax: (495) 939 38 65, nikishin@geol.msu.ru and Aleksandr P. Afanasenkov, YUKOS oil companie, Moscow, Russia.

The Eastern Black Sea Basin originated as a back-arc basin during the Cretaceous times. Both the Western and Eastern Black Sea basins have been opened nearly simultaneously during Cenomanian to Coniacian times. Shatsky Ridge was a carbonate platform and zone of pinnacle-type reefs during the Late Jurassic. It was a platformal area since the Cretaceous. The Tuapse, Guria and Sorokin basins originated at the Eocene-Oligocene transition as a flexural foredeep basins. Shatsky Ridge was affected by flexural tectonics also at those times. Shatsky Ridge has a Miocene river system. Since Pliocene only Shatsky ridge was subsided up to 2 km simultaneously with main folding event in the Tuaspe Basin. Hydrocarbon potential of the Shatsky Ridge, Tuapse Basin and Sorokin Basin is connected with: (1) Late Jurassic carbonate platform and system of large pinnacle-type reefs: (2) Possible Paleocene bioclastic limestones; (3) possible Eocene nummulite limestones; (4) possible Oligocene turbitites with sandstone bodies; (5) Miocene river system; (6) Miocene and Pliocene horizons of sandstones.The Impact of Recent Data on the Interpretation of the Geologic Evolution and Petroleum System of the Eastern Black Sea Basin, Offshore Georgia

Ryan J. Wilson, Neil Mountford, Paul Maguire, and Richard Hedley. Anadarko Algeria Corporation, 1 Harefield Road, Uxbridge, UB8 1YH, United Kingdom, phone: +44 (0)1895 209400, ryan.wilson@anadarko.com

The genesis and sediment-fill history of the Eastern Black Sea Basin, offshore Georgia has been largely understudied with little new data being acquired since the Soviet Era. However, recent data acquired demonstrate the existence of a Tertiary petroleum system.

The Oligo-Miocene Maykop Formation is a widespread source rock that extends from Romania to Turkmenistan. It has been identified as the source of the hydrocarbons in the giant fields of the South Caspian and the accumulations in both the western and eastern onshore basins in Georgia. In addition, oils collected and analyzed from active seeps offshore Georgia, directly above mapped structural culminations, confirms the presence of a generative Maykop in the Eastern Black Sea Basin.

Offshore Georgia can be subdivided into three tectonic provinces, one of which is characterised by high-amplitude anticlines that strike in a southwest-northeast direction as a result of shortening from the Middle Miocene to present day. These fold and thrust anticlines range from classic box folds to overturned folds, with a common decollment within the Maykop.

The primary reservoir sands are believed to be of Middle Miocene age, and based on 3D seismic data, the sandstones were deposited in deepwater channel-levee systems that originated from the north. Late Miocene to present day depositional systems have a south-easterly provenance of volcanic/lithic origins.

In 2005, the first deepwater well in the Eastern Black Sea Basin was drilled offshore Turkey but did not penetrate the northerly-sourced reservoir system. Consequently, the offshore Georgia petroleum system, with billion barrel opportunities, remains untested.Mud Volcanoes and Fluid Migration in the Sorokin Trough

Sebastian Krastel1, Michelle Wagner-Friedrichs1, Volkhard Spiess1, Leonid Meisner2, Gerhard Borhmann3, and Michael Ivanov4. (1) Marine Technology – Environmental Research, Bremen University, Klagenfurter Strasse, Bremen, D-24359, Germany, phone: +49-421-2184598, skrastel@uni-bremen.de, (2) Marine Geology and Hydrocarbon potential department, Okeangeofizika Research Institute, Krymskaja Str. 18, Gelendzhik, 353470, Russia, (3) Marine Geology, Bremen University, Klagenfurter Strasse, Bremen, 28359, Germany, (4) Moscow State University

The Sorokin Trough forms structural depression along the south-eastern margin of the Crimean Peninsula. Compressive deformation affects the growth of diapiric ridges and facilitates fluid flow to the seafloor and the evolution of mud volcanoes above the diapirs. The main objective of a high-resolution multi-channel seismic survey carried out by Bremen University (Germany) was to study the evolution and formation of mud volcanoes correlated to gas/fluid migration and gas hydrates occurrences. We grouped mud volcanoes in the Sorokin Trough in three areas. The different geological setting influences the evolution of the individual mud volcanoes and hence their morphology. Collapsed depressions dominate in Area 1 in the western survey area. A 2.5D seismic data set was collected across the Sevastopol Mud Volcano representing a typical collapsed depression located above a complex diapiric structure with two ridges. Bright Spots in direct vicinity of the conduit of the mud volcano probably mark the base of the gas hydrate stability zone. We postulate that overpressured fluids initiated an explosive eruption generating the collapsed depression of the Sevastopol mud volcano and subsequent mud extrusions formed cones within the depression. The homogeneous fan deposits of the Palaeo Don-Kuban Fan in the central and eastern Sorokin Trough are characterized by increased permeability resulting in quiet effusive mud extrusions in Areas 2 and 3. Mud volcanoes in the central Area 2 reach enormous dimensions with diameters up to 2000 m and heights of about 100 m where faults with large offsets allow high mud flow rates.Geology and Petroleum Potential of the Shatsky Ridge (Black Sea)

Alexey L. Meisner, DCS, Schlumberger logelco inc, 9 Taganskaya str., Moscow, Russia, Moscow, Russia, phone: +7 916 868 61 84, ameisner@moscow.oilfield.slb.com and Leonid B. Meisner, Geological, Yuzhmorgeologiya, Krymskaya Str. 18, Gelendzhik, Russia, Gelendzhik, Russia.

The Shatsky Ridge is an anticline structure that is comprised of the Upper Mesozoic-Paleogene rocks. Anticlinels have dimensions up to 66 x 18 km. It lies mainly at water depth about 2 km and extends from the Georgia coast to the Mountain Crimea (Ukraine). The goal of this work was to research perspective of Shatsky Ridge. Seismic and magnetic data have contributed to the recognition of main geological features. There are no wells drilled within the ridge, and the analog data from the Western Georgia and Crimea were used for lithology and reservoir prediction.

The lowest sequence consists of the Low Jurassic thick black shales, deposited on the top of Paleozoic basement. Magnetic anomalies caused most likely by the Middle Jurassic gabbro intrusions. Upper Jurassic-Eocene section consists of mainly carbonate rocks. This section contains the reservoir quality rocks. Limestone porosity varies between 5 – 20 %, range of permeability is 10 – 40 md. Presence of Upper Jurassic reefs, Eocene nummulitic limestone points to a shallow marine sedimentation. These reservoirs are overlain by marine thick shale seals of the Oligocene-Quaternary ages.

A potential of source rocks belongs probably to the Jurassic and the Low Cretaceous rocks. It is also possible that hydrocarbons could migrate into Mesozoic reservoirs from sources rock of the Eocene and the Maikop succession of the adjacent troughs.

Mud volcanoes and seismic anomalies “bright spot” indicate hydrocarbon accumulations in the sedimentary cover of the Shatsky Ridge.

Reservoir prediction, sizes of anticlines and hydrocarbon seeps make conclude that the Shatsky Ridge may contains undrilled prospects and form a basis for its future exploration.Effects of Tectonics on Deposition in the Balkans of Eastern Bulgaria

Michal Nemcok, Energy and Geoscience Institute, University of Utah, 423 Wakara Way, Suite 300, Salt Lake City, UT 84108, phone: 801-585-9829, fax: 801-585-3540, mnemcok@egi.utah.edu, Charles J. Stuart, EGI at University of Utah, 423 Wakara Way, Suite 300, Salt Lake City, UT 84108, Dian Vangelov, Department of Geology at Sofia University, bul. Tzaz. Osvoboditel 15, Sofia, 1000, Bulgaria, Eric R. Higgins, Chesapeake Energy Corporation, 6100 N. Western Avenue, Oklahoma City, OK 73118, Chelsea Welker, EGI at University of Utah, 423 Wakara Way; Suite 300, Salt Lake City, UT 84108, and David Meaux, AOA Geophysics Inc, 11200 Westheimer, Suite 850, Houston, TX 77042.

The E Balkans geometry during Paleocene-Recent was characterized by a southeastward plunge toward the Western Black Sea, caused by: 1) a combination of eastward-thinning continental crust in the west, and oceanic crust in the east; 2) post-rift thermal subsidence of the continental crust; 3) buttressing against the Moesian Platform in the west and no buttressing in the east; and 4) northeastward advance of the thrustbelt.

The eastward-fading uplift and buttressing are evidenced by: 1) eastward decreasing amount of shortening along constructed profiles, yielding 30km, 10.5km, 11km and 4km from west to east; 2) eastward trend of more complete stratigraphic sections and shallower erosional levels; and 3) eastward increase in décollement depths, being 3.7km, 3.8km, 9.5-13.5km and 12.3-14.1km. The last thrusting age is progressively older toward the east from Middle Eocene through Late Eocene to Late Eocene/Oligocene. Onshore thrustbelt, which was significantly affected by buttressing against the Moesian Platform, exhibits thrusting followed by Late Eocene gravitational collapse, Oligocene quiescence and Neogene extension. The offshore thrustbelt exhibits thrusting followed by Oligocene-Neogene extension. A Paleocene-Middle Eocene piggyback basin formed in the onshore portion of the thrustbelt, centered in the East Balkan Zone, with a southeastward plunging axis, which migrated northeastward with basin shortening and filling.Sedimentology And Timing Of Hydrocarbon-seepage (Lower Eocene, Varna, Bulgaria)

Eva De Boever, Geologie, K.U. Leuven, Celestijnenlaan 200 E, 3001 Leuven, Belgium, phone: +32 16 32 77 98, eva.deboever@geo.kuleuven.be, Rudy Swennen, Geologie, K.U.Leuven, Celestijnenlaan 200E, 3001 Heverlee, Belgium, and Lyubomir Dimitrov, Institute of Oceanology, P.O. Box 152, 9000 Varna, Bulgaria.

In the Pobiti Kamani area (Varna, NE Bulgaria), Lower Eocene sandy sediments contain several clusters of up to 8m high calcite-cemented chimney structures. ?13C values as low as -43‰ V-PDB indicate a hydrocarbon-seepage related origin. The depositional sequence of the shallow marine platform sediments is characterized by several cemented stratal surfaces which are cross cut by chimney structures. In this contribution, the origin of the cemented surfaces is addressed based on sedimentological, petrographical and stable isotope geochemical data and the implications with respect to the timing of hydrocarbon seepage are evaluated. Grain size measurements in two continuous vertical sections allow to distinguish two depositional sequences. Transgressive (TS) and maximum flooding (MFS) surfaces are characterized by extensive calcite cementation, thus indicating a sequence stratigraphical control on cementation. Different cement-types have been recognized. The bulk stable isotope signature of these cements indicates precipitation from Lower Eocene marine pore fluids, affected by later meteoric resetting. ?13C depletions of the dominant pore cementing “mosaic” cement as low as -20.6‰ V-PDB however supports also a pre-compactional influence of hydrocarbon-seepage which decreases within m-distance from chimney clusters. The MFS near the top of the Dikilitash Formation is partly cemented by transparent poikilotopic calcite in keystone-type vugs and in interparticular porosity. Its very early diagenetic origin and ?13C depletion (-16‰ V-PDB) suggest that hydrocarbon-bearing fluids percolated through the sandy sediments near the seafloor at the end of ??the Upper Ypresian. Other coarse-grained,13C depleted (-26‰ V-PDB) concretionary horizons likely resulted from post-sedimentary lateral migration of seepage fluids.