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Shell Transfers to Repsol 20% of Oil and Gas Exploration Rights in Han Kubrat Offshore Bulgaria
Business | February 21, 2019, Thursday // 12:35
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The Council of Ministers has authorized Shell International Exploitation and Development Italy S.A. to transfer 20% of oil and gas exploration rights to Block 1-14 Kubrat to Repsol Bulgaria Khan Kubrat SA. The possibility of transferring the rights and obligations under granted permit for prospecting and exploration is regulated in the Underground Natural Resources Act.
In December 2018, the Council of Ministers granted permission to transfer 30% of the rights and obligations under the granted permission from Shell International Exploitation and Development Italy S.A.A. of Woodside Energy (Bulgaria) Limited. With today's decision, the Council of Ministers authorized the Minister of Energy to conclude an additional agreement to the Oil and Gas exploration contract with the three companies. The costs of transferring the rights and obligations are at the expense of Shell International Exploitation and Development Italy S.A.
In October 2015, the Council of Ministers granted permission to Shell Exploration and Production (LIX BV) to conduct exploration of oil and natural gas in Block 1-14 Silistar, located on the Continental Shelf of Bulgaria in the Black Sea. The search and research agreement was signed on 23.02.2016.
In April 2017, the Council of Ministers agreed that the rights and obligations under the granted permission would be transferred entirely from Shell Exploitation and Precession (LIX) BV " of Shell International Exploitation and Development Italy S.A. Then the name of the survey area - Block 1-14 Khan Kubrat was changed.
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