site.btaCabinet Opens Tender for Exploration of Oil, Natgas in Black Sea

The Council of Ministers has decided to open a tender for prospecting and exploration of oil and natural gas in the Block 1-26 Tervel area, which is located in Bulgaria's exclusive economic zone in the Black Sea. The Block spans over an area of 4,032 sq km.

The prospecting licence is granted for a period of five years with the right to three extensions of two years each. The minimum mandatory work programme provides for the drilling of new 3D seismic surveys, the preparation of a geological model to delineate prospective drilling targets, the assessment of oil potential and the possible drilling of an exploration well.