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A contract for the exploration and extraction of oil and natural gas in Block 1-26 Khan Tervel, located within Bulgaria’s exclusive economic zone in the Black Sea, is being officially signed today. The agreement marks a significant move toward bolstering the country's energy independence—one of the Bulgarian government's key priorities.
The signing ceremony is being attended by Prime Minister Rosen Zhelyazkov, along with Energy Minister Zhecho Stankov. The contract is between the Ministry of Energy of the Republic of Bulgaria and Shell Exploration and Production. Shell's Executive Vice President for Exploration, Strategy and Portfolio, Eugene Okpere, is also present at the event.
Under the terms of the contract, Shell will conduct various surveys, including seismic studies, over a five-year period to assess the hydrocarbon potential of the Khan Tervel block. All exploration activities are to be carried out in a safe and environmentally responsible manner.
This new phase of exploration in the Black Sea is considered a critical step toward unlocking Bulgaria’s domestic energy resources and reducing its reliance on foreign energy supplies.
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