Photo: Shell
Shell Exploration and Production, a subsidiary of Shell plc, has been chosen as the top bidder for the exploration of oil and natural gas in the western Black Sea off the coast of Bulgaria. The government’s decision was announced by Minister of Energy Vladimir Malinov.
“The exploration for oil and natural gas in the Bulgarian economic zone in the Black Sea is key for a successful response to the challenges linked to our energy independence,” said Malinov.
Shell has yet to obtain a permit for the project. Eugene Okpere, Shell’s Executive Vice President for Exploration, Strategy & Portfolio, revealed following the permit award that the company plans to gather seismic data to better understand the subsurface.
“We are committed to safely execute this exploration campaign,” Okpere said.
In a bidding procedure launched in June 2024, four companies purchased tender documents, but only two submitted bids. The winning bidder was selected based on its proposed work and investment program, environmental protection spending, and the proposed bonus offered to the state for a five-year exploration period, according to a statement on the Ministry of Energy’s website.
The exploration area spans more than 4,000 square kilometers
Shell’s program includes complex geological and geophysical works, including new 3D seismic surveys, the processing and interpretation of seismic data, and an assessment of the area’s potential. The company will also pay an annual area fee.
The area in question, called Block 1-26 Khan Tervel, spans slightly more than 4,000 square kilometers. It is located south of Block 1-21 Khan Asparuh, according to the statement.
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