Bulgaria Strikes Deal with Shell to Explore Oil and Gas in the Black Sea

The Bulgarian Ministry of Energy has signed an agreement with Shell Exploration and Production BV to conduct oil and natural gas exploration activities in the country's exclusive economic zone in the Black Sea.

According to a statement from the Bulgarian Ministry of Energy, Shell Exploration and Production BV, a subsidiary of Shell plc, will explore for oil and gas in the 1-26 Han Tervel Block, located in the country's exclusive economic zone in the Black Sea.

The statement indicated that four companies purchased the documents to participate in the bidding procedure, and two of them submitted bids. The winner, Shell, based its offer on the proposed work and investment program, funds for environmental protection, funds for training, and the proposed signature bonus for the state over a five-year work period.

Energy Minister Vladimir Malinov stated, "Oil and gas exploration activities in the Bulgarian economic zone in the Black Sea are key to successfully addressing the challenges connected to our energy independence. The government's proactive work has led to the successful completion of the process, taking the energy security and competitiveness of the country and the region to a new level."