Neftegaz: Bulgaria to give the "green light" for oil and gas exploration in Black Sea

Bulgaria's government is expected to give the green light today to a public offer for deep-water exploration of oil and natural gas in Black Sea waters, near neighboring Turkey.

The public procurement procedure is to be approved first by the Council of Ministers and it will be then published in the Official EU Gazette for public discussion.

The Block Teres is the last in the region to be offered to investors for exploration. It lays on 3 500 square meters while possible deposits would be at a depth of nearly 5-6 000 meters. Previous studies have revealed significant deposits of mainly oil and smaller quantities of natural gas, according to media reports.

The exploitation of the deposits, if any are found, is to begin no earlier than five years from now.  MORE