Lessons from Lithuania: How Bulgaria Can Manage Prices and Boost Savings with the Euro
Kēstutis Kupsys, vice president of the Lithuanian Consumers' Union, shared insights from Lithuania’s experience with euro adoption
Shell Exploration and Production BV, part of the Royal Dutch Shell Group, will explore Bulgaria's offshore Silistar 1-14 block for oil and natural gas deposits.
The gas field has an area of 6893 square kilometers and is located in the continental shelf of the exclusive economic zone of Bulgaria in the Black Sea.
The exploration agreement was signed in Sofia on Tuesday in the presence of Bulgarian Prime Minister Boyko Borisov, Energy Minister Temenuzhka Petkova and Eileen Wilkinson, regional vice-president of Shell.
The company will invest EUR 18.6 M (without VAT) in the explorations and will pay the Bulgarian state a bonus of EUR 4.9 M (without VAT).
The working programme foresees the establishment of a corporate social responsibility fund directed towards the seaside municipalities adjacent to the gas field and the University of Mining and Geology and Sofia University.
The agreement is for a duration of five years, with the option for two extensions of two yeas each, the energy ministry informs.
The proposed working programme includes seismic studies which will be conducted in accordance with national and European normative regulations. The studies will also comply with the health, safety and environmental standards of Shell.
Petkova identified the signing of the agreement as the most important step towards diversification of the natural gas sources for Bulgarian industrial and household consumers.
In her words, the development and exploitation of own oil and natural gas resources are of key importance for reducing the dependence of Bulgaria on energy imports.
Ensuring the energy independence of the country is one of the most important priorities in the government's policy programme in the energy sector.
Shell will use its vast technical and management expertise and experience in conducting the exploration.
Prime Minister Rosen Zhelyazkov has reaffirmed that the “Balkan Stream” pipeline remains a functional and commercially viable energy project
Sofia recently hosted the fifth edition of the Green Transition Forum 2025, a major regional event focused on sustainable development
Deputy Energy Minister Iva Petrova emphasized at Green Transition Forum 5.0 that Bulgaria’s energy strategy hinges on modernizing grid infrastructure and securing long-term supply agreements
From July 1, 2025, electricity and thermal energy prices in Bulgaria are set to increase
From July 1, 2025, Bulgarian households are expected to see an average increase of just under 5% in their electricit
Since its commercial launch at the end of 2022, the Greece–Bulgaria gas interconnector (IGB) has transported more than 34.5 million MWh of natural gas
Borderless Bulgaria: How Schengen Benefits Are Transforming Trade and Logistics
Bulgaria's Mortality Rate Remains Highest in Europe