Bulgaria is among the countries that are actively developing the untapped natural potential of the Black Sea bed, Prime Minister Rosen Zhelyazkov said at the ceremony at the Council of Ministers, at which the contract for exploration and search for oil and natural gas in “Block 1-26 Han Tervel“ was signed. The event was also attended by Energy Minister Zhecho Stankov and Shell Executive Vice President for Exploration, Strategy and Portfolio Eugene Okpere.
The Prime Minister highlighted the importance of exploration in the Black Sea for national and European energy security and for energy diversification. In his words, the entry of “Shell“ in the studies it is indicative that the development of our own deposits has enormous potential. Zhelyazkov also noted that the most advanced technologies will be used, including supercomputers and artificial intelligence. “I hope that in the coming years, together with the study and the trust that local communities will have in this approach, we will boast of guaranteeing our energy independence and a much cheaper source of energy resources“, added Prime Minister Rosen Zhelyazkov. The Prime Minister emphasized the presence of the necessary political trust and stability in Bulgaria, so that foreign investors can work calmly and long-term in our country.
Minister of Energy Zhecho Stankov, for his part, noted that with the new studies in the Black Sea, another important step is being taken to reveal the potential of Bulgaria's own production. In his words, this will also contribute to achieving the country's energy independence, which is a leading priority of the government. The Energy Minister also pointed out that the direct advantage for Bulgarian citizens is that in the event of a discovery, up to 30% of the benefits will remain in the state in the form of a concession fee. “We are working for a long-term, sustainable energy policy, in which our country has an active role“, Minister Stankov was categorical.
“Today, with the signing of the agreement for the search and exploration of oil and gas in “Block -26 Han Tervel“ with the Ministry of Energy, we mark an important stage in the new history of “Shell“ oil and gas exploration in Bulgaria. We look forward to the first steps of this exploration campaign in the Bulgarian Black Sea coast, while we carry out seismic surveys. Our priority throughout the campaign will be its safe implementation in accordance with the laws of Bulgaria. “Shell“ "Shell Exploration & Production has a strong track record of safe and effective exploration activities in the Bulgarian Black Sea and we look forward to bringing our experience back to Bulgaria," said Mr. Okpere.
The work program of “Shell Exploration & Production“ envisages complex geological and geophysical works, including conducting new 3D seismic surveys, processing and interpretation of seismic data, assessing the potential of the area and others.
“Shell“ will also provide financial resources for educational programs to provide further training for Bulgarian specialists in the field of oil and natural gas exploration and production.