Shell has signed a deal with Bulgaria to explore 4,000 sq km in the Black Sea for oil and gas, as Sofia seeks to diversify energy sources. The move follows a similar agreement with OMV Petrom and NewMed Energy last month.
Shell has signed an agreement with Bulgaria’s government granting it exploration rights for oil and gas in the Black Sea. The deal covers 4,000 square kilometres within the Block 1-26 Khan Tervel area.
“This contract marks a key step in unlocking the deep Black Sea’s potential as a future gas source,” said Bulgaria’s Energy Minister, Zhecho Stankov.
The move supports Bulgaria’s ongoing efforts to diversify its energy sources. The country, once fully reliant on Russian gas until 2022, is now looking for more affordable and secure alternatives.
Shell’s Executive Vice President of Exploration, Eugene Okpere, stated that the company’s first priority is to begin seismic surveys safely to assess the field’s gas potential.
This agreement follows a similar contract last month, where OMV Petrom and NewMed Energy partnered with Bulgaria to explore another area off the Black Sea coast.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for the 2nd of September, covering the latest developments you need to know.
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