Shell signed a contract with the Bulgarian government giving the oil giant rights to explore for oil and gas in the Block 1-26 Khan Tervel field in the Black Sea.
“Bulgaria ranks among the countries that are actively developing the untapped natural potential of the Black Sea bottom,” Prime Minister Rosen Zhelyazkov said at the signing ceremony. According to him, the entry of Shell into the exploration is indicative that the development of Bulgaria’s deposits has huge potential.
The Minister of Energy Zhecho Stankov emphasised that the new explorations will also contribute to achieving the country’s energy independence, which is a top priority of the government.
“Shell has a strong history of safe and effective exploration activities in the Bulgarian Black Sea, and we look forward to bringing our expertise back to Bulgaria,” said Shell executive vice president of exploration, strategy and portfolio, Eugene Okpere.
The work program of Shell Exploration & Production provides for complex geological and geophysical works, including conducting new 3D seismic surveys, processing and interpretation of seismic data, assessing the potential of the area and others. Shell will also provide financial resources for educational programs to provide further training to Bulgarian specialists in the field of oil and gas exploration and production.
