Bulgaria Signs Black Sea Deal with Energy Giant Shell
Bulgaria has signed an agreement with international energy giant Shell to explore oil and gas in the Black Sea, local media reported on April 15.
According to the terms of the agreement, Shell will conduct surveys in Block 1-26 Khan Tervel, which covers approximately 4,000 square kilometers (1,544 square miles) of the country's exclusive economic zone in the Black Sea, the state-run BTA news agency said in its report.
At the signing ceremony in Sofia, Energy Minister Zhecho Stankov said Bulgaria is taking an important step toward identifying the deep Black Sea's potential for future gas supplies.
"This is expected to be the cheapest gas Bulgaria will use, as it would not include additional fees, and the country would also earn concession payments," he explained.
Stankov said: “The gas to be discovered in the onshore and offshore territory of the deep Black Sea will be the cheapest gas because there will be no transit fee for delivery, reaching up to 30 percent. In addition, for future discoveries in the territory, Bulgaria is also expected to receive up to 30 percent concession payments.”
In March, Bulgaria signed a document with OMV Offshore Bulgaria and NewMed Energy Balkan to continue exploration in Block 1-21 Khan Asparuh, which is also located in Bulgaria’s Black Sea offshore area.
Source: HDN
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