There were no offers from international companies for the other Bulgarian block, “Teres”, even though 5 companies bought the tender documents

AUTHOR: Lyudmila Zlateva

The international oil company Shell will explore for oil and gas in the Bulgarian Black Sea block of “Silistar”, as announced today by the Bulgarian energy minister Ms. Temenujka Petkova. The announcement was made during an official event, organized by the Bulgarian Independent Energy Exchange. According to minister Petkova, Shell has offered a signing bonus of 4.9 million EUR (total investments of 18.6 million EUR) and the contract with the company is expected to be signed by the end of October this year, if the Council of Minister is ready with its decision by then. There were no offers from international companies for the other Bulgarian block, “Teres”, even though 5 companies bought the tender documents.

The tenders for the oil and gas blocks “1-22 Teres” and “1-14 Silistar”, which are located in the continental shelf of the exclusive economic zone of Bulgaria in the Black Sea, started on April 18 this year with an announcement in the official journal of the European Union. The tender was open for companies and joint ventures, who have had at least 150 million EUR revenues for the last three financial years. The offers were evaluated according to the work programs, bonuses, and the environmental investment.