Bulgaria Gears Up for Exploration on Black Sea Shelf

Bulgaria is gearing up for exploration on the Black Sea shelf, with Prime Minister Boyko Borissov claiming that if the previous government had not been ousted, operations would had already started. 

“We will start oil and gas explorations in the Black Sea shelf in February” Borisov said on Sunday. 

Similarly, on Monday, France-based Total told Reuters it was on track to start drilling for oil and gas at an exploration site off Bulgaria's Black Sea coast early next year.

"We are currently under preparation and we expect to begin in early 2016," Xavier Faugeras, general manager of Total's Bulgaria division, commented.  

From the government’s perspective, the announcement can be explained in two ways.  

First, Sofia is willing to follow in Romania’s footsteps - Bucharest cut its gas imports by 61% in 2014, according to data prepared by the Institutul National de Statistica and BP. 

Second, Borisov knows well that Europe could soon approach turbulent times, and that a political stability would be required for any major projects like explorations in the Black Sea.