Shell Awarded Oil, Gas Drilling Permit for Bulgaria’s Silistar Block 1-14

Business » ENERGY | September 29, 2015, Tuesday // 13:49| Views: | Comments: 0
Bulgaria: Shell Awarded Oil, Gas Drilling Permit for Bulgaria’s Silistar Block 1-14 Bulgaria's Council of Ministers building, photo by BGNES

Shell Exploration and Production (LIX) B.V. has been awarded a permit for the prospection and exploration of oil and natural gas at Bulgaria’s Black Sea Silistar Block 1-14, according to an announcement of Energy Minister Temenuzhka Petkova.

Shell is to invest EUR 18.6 M, VAT excluded, in the exploration activities and to pay EUR 4.9 M, VAT excluded, to the state in the form of a bonus upon the signing of the agreement.

The proposed work program of the company includes 2-D and 3-D seismic surveys and measures to protect the environment, human health, and cultural property, according to a media statement of the Energy Ministry.

Royal Dutch Shell Plc, the parent company of Shell Exploration and Production (LIX) B.V., has been a leader in the sphere of deep-sea exploration and production for around 30 years and has completed over 20 deepwater projects.

The contract on the prospection and exploration of oil and natural gas at Bulgaria’s Black Sea Silistar Block 1-14 may be signed in a month, after the government approves it and authorizes the Energy Minister to conclude it.

The exploration activities at Silistar are part of the government’s efforts to increase domestic production, thereby guaranteeing energy security and independence.

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Tags: Shell, silistar, oil and gas exploration, oil and gas production, Bulgarian government, Energy Ministry
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