Shell Signs Oil and Gas Exploration Contract in Bulgaria’s Black Sea
Shell has made a significant move in the energy sector by signing a contract with the Bulgarian government for oil and gas exploration in the Black Sea. The agreement, finalized on Tuesday, grants Shell major rights to explore for oil and gas in the region.
Bulgaria’s Energy Minister, Zhecho Stankov, expressed optimism about the partnership, stating, “With this contract, we are taking a significant step toward uncovering the deep Black Sea’s potential for future gas supplies.”
The contract allows Shell to explore 4,000 square meters in the Block 1-26 Khan Tervel field, marking a strategic opportunity for the multinational company to tap into the region’s energy resources.
As an EU member state, Bulgaria has been striving to diversify its gas supplies and reduce its dependency on Russian gas. The recent agreements with companies like Shell, OMV Petrom, and NewMed Energy underscore Bulgaria’s commitment to exploring new sources of energy.
Shell’s executive vice president of exploration, strategy, and portfolio, Eugene Okpere, emphasized the importance of starting operations safely and efficiently. He stated, “Our first and most important activity is to safely start operations to acquire the 3D seismic we need to image the subsurface in order to determine the potential of gas.”
Okpere further highlighted Shell’s commitment to leveraging technology and expertise to unlock the offshore potential in Bulgaria’s Black Sea. The company’s track record and innovative approach position Shell as a key player in the exploration and development of energy resources in the region.
With the latest contract in place, Shell is poised to make significant strides in the Black Sea, contributing to Bulgaria’s energy security and strengthening the country’s position in the global energy market.
Overall, the partnership between Shell and Bulgaria marks a promising collaboration that holds the potential for mutual growth and development in the oil and gas sector.
(Source: Reuters)