Bulgaria, Shell sign contract for Black Sea gas and oil exploration
The contract will allow Shell to explore 4,000 square metres in the Block 1-26 Khan Tervel field.
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"With this contract, we are taking a significant step toward uncovering the deep Black Sea's potential for future gas supplies," Bulgaria's Energy Minister Zhecho Stankov said.
European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources.
Last month, OMV Petrom (ROSNP.BX), opens new tab and NewMed Energy (NWMDp.TA), opens new tab signed a contract with the Bulgarian government for oil and gas exploration in another field off the Black Sea coast.
"Our first and most important activity is to safely start operations to acquire the 3D seismic we need to image the subsurface in order to determine the potential of gas," Shell executive vice president of exploration, strategy and portfolio, Eugene Okpere, said.
"We believe we can bring the best of our technology and our expertise and a track record to unlock the potential offshore black sea in Bulgaria," he said.
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