Latest news with #ZhechoStankov
Express Tribune
17-04-2025
- Business
- Express Tribune
Bulgaria, Shell signs Black Sea energy agreement
The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Listen to article Shell has signed a contract with the Bulgarian government granting it rights to explore oil and gas in the Black Sea, as Sofia seeks to diversify energy sources and reduce reliance on imports. The agreement covers Block 1-26 Khan Tervel, an offshore area spanning approximately 4,000 square kilometres within Bulgaria's exclusive economic zone, according to the BTA state news agency. 'With this contract, we are taking a significant step toward uncovering the deep Black Sea's potential for future gas supplies,' said Energy Minister Zhecho Stankov during the signing ceremony in Sofia. He said gas extracted from the block would likely be Bulgaria's most affordable source, as it would avoid up to 30% in transit fees and generate concession revenues of a similar proportion. Shell will begin by conducting 3D seismic surveys and environmental assessments, followed by potential exploratory drilling based on initial results. The company has yet to issue a public statement. Eugene Okpere, Shell's executive vice president for exploration, strategy and portfolio, said the company is committed to bringing its technical expertise to the project. '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,' Okpere said. Bulgaria, a European Union member, previously depended almost entirely on Russian gas until 2022. It is now pursuing alternative supplies to enhance energy resilience amid ongoing regional instability. The Shell agreement follows a similar deal in March with OMV Offshore Bulgaria and NewMed Energy Balkan for exploration in the neighbouring Block 1-21 Khan Asparuh.
Reuters
15-04-2025
- Business
- Reuters
Bulgaria, Shell sign contract for Black Sea gas and oil exploration
SOFIA, April 15 (Reuters) - Shell (SHEL.L), opens new tab signed a contract with Bulgaria's government on Tuesday giving the oil major rights to explore for oil and gas in a field in the Black Sea. The contract will allow Shell to explore 4,000 square metres in the Block 1-26 Khan Tervel field. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "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 ( opens new tab and NewMed Energy ( 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.
Bloomberg
28-03-2025
- Business
- Bloomberg
Bulgaria to Press Ahead With Gas Grid Expansion, Minister Says
Bulgaria's energy chief said the Balkan nation will begin construction on a gas grid-expansion project in the next few weeks as part of a regional effort to boost capacity after Ukraine ended Russian transit. Energy Minister Zhecho Stankov cited growing demand for natural gas as Bulgaria aims to lock in agreements with grid operators for the so-called Vertical Gas Corridor. That route expands transit capacity for liquefied natural gas flowing through terminals in Greece northward to Ukraine and Moldova, with volumes meeting demand as far as Hungary and Slovakia.
