Bulgaria To Award New Black Sea Block
Bulgaria’s government has decided to auction off a permit for oil and gas exploration at the offshore Tervel block.
The licence for Tervel, otherwise known as Block 1-26, will last for five years, during which time the chosen operator will be required to collect 2D and 3D seismic surveys, the government said on July 31 after a meeting of its cabinet. If prospective targets are identified, the operator will move ahead with drilling.
Sofia is yet to reveal when a contest for the licence will be announced.
Tervel spans 4,032 square km2 of the Black Sea in water depths of between 1,500 and 2,000 metres. It formed part of a larger block previously awarded in 2002 to the UK’s Vintage Petroleum, which later became part of US-based Occidental Petroleum. According to government, only limited activity had taken place by the time the permit expired in 2008.
The block is adjacent to the Khan Asparukh area, where France’s Total and partners found oil in 2016. Anglo-Dutch Shell is leading a second consortium developing the nearby Khan Kubrat block, but well results have disappointed.