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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Bulgarian President Rumen Radev said on Monday (19 January) that he will resign from office, a move that has fuelled speculation he may form a political party ahead of upcoming parliamentary elections.
Former Bulgarian President Rumen Radev said on Friday that the country will hold a snap election after political parties failed to form a government following the resignation of the previous administration amid widespread protests.
A state of emergency in 26 settlements in Bulgaria has been declared after heavy rainfall caused flooding in Krumovgrad in southern Kardzhali province, pushing the Krumovitsa River close to overflowing.
Bulgaria marked its entry into the euro zone on Thursday with a display of euro coins on the front of the central bank in the capital, Sofia.
The Kremlin is utilising the recent United States and Israeli military strikes on Iran to validate its ongoing war in Ukraine. Russian officials are pointing to the escalation in the Middle East as evidence that Western nations do not adhere to international rules.
Saudi Arabia’s state oil giant Saudi Aramco closed its Ras Tanura refinery on Monday following an Iranian drone strike, an industry source told Reuters as Tehran retaliated across the Gulf after a U.S.-Israeli attack on Iranian targets over the weekend.
The Middle East crisis intensifies after the deadly attack on the compound of the Supreme Leader of Iran Ali Khamenei on Saturday that killed him, other family members and senior figures. Iran has launched retaliatory strikes on U.S. targets in the region.
U.S. President Donald Trump said the U.S. military has enough stockpiled weapons to fight wars "forever"; in a social media post late on Monday. The remarks came hours before conflict in Iran and the Middle East entered its fourth day.
Türkiye raised its security level for Turkish-flagged vessels in the Strait of Hormuz to Level 3 on Sunday (2 March). The development follows Iranian restrictions on shipping after U.S. and Israeli strikes and confirmation of Supreme Leader Ali Khamenei’s death.
Strikes across the Middle East are intensifying, fuelling travel disruption, driving up global energy prices and forcing diplomatic missions to shut their doors as tensions continue to rise.
U.S. President Donald Trump has said the United States has a “virtually unlimited supply” of munitions and is capable of sustaining military action indefinitely, as the conflict with Iran entered its fourth day.
The United Nations has called for an investigation into a deadly attack on a girls’ primary school in Iran, which Iranian officials say has killed more than 100 children. The U.S. has said its forces “would not” deliberately target a school.
U.S. first lady, Melania Trump chaired a UN Security Council meeting on children and education in conflict on Monday (2 March), a move criticised by Iran as hypocritical following U.S. and Israeli strikes that triggered a UN warning about risks to children.
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