Shell Secures Oil and Gas Exploration Rights in Bulgaria’s Black Sea

Shell recently signed a contract with Bulgaria’s government, granting the oil and gas multinational significant rights to explore for oil and gas in the Black Sea. Bulgaria’s Energy Minister, Zhecho Stankov, expressed optimism about the contract, stating that it represents a crucial step towards uncovering the Black Sea’s potential for future gas supplies. The contract specifically allows Shell to explore 4,000 square meters in the Block 1-26 Khan Tervel field.

As an EU member, Bulgaria has been looking to diversify its gas supplies and find more affordable sources, especially after being heavily reliant on Russian gas until 2022. In line with this goal, last month, OMV Petrom and NewMed Energy also signed a contract with the Bulgarian government for oil and gas exploration in a different field off the Black Sea coast. Shell’s executive vice president of exploration, strategy, and portfolio, Eugene Okpere, emphasized the importance of safely starting operations to acquire the necessary 3D seismic data to assess the gas potential in the area.

Okpere further highlighted Shell’s commitment to leveraging its technology, expertise, and track record to unlock the offshore potential of the Black Sea in Bulgaria. The company aims to bring its best practices to the exploration process and contribute to the development of the region’s energy resources. This partnership between Shell and Bulgaria signals a significant step towards advancing energy exploration and diversification efforts in the Black Sea region.

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