site.btaOutgoing PM to Attend Signing of Agreement on State-Owned Energy Holding Participation in Oil, Gas Exploration in Black Sea Khan Asparuh Block

Outgoing Prime Minister Rosen Zhelyazkov Wednesday will attend the signing of an agreement on state participation through Bulgarian Energy Holding (BEH) in the exploration for oil and natural gas in Khan Asparuh Block in Black Sea, the government information service said.

Under the agreement, BEH, OMV Offshore Bulgaria, and NewMed Energy Balkan Limited will formalize arrangements under which BEH will acquire a 10% stake in exploration rights for oil and natural gas in Block 1-21 Khan Asparuh.

The signing ceremony is scheduled for 1:00 p.m. in the Council of Ministers’ Granite Hall, in the presence of caretaker Energy Minister Zhecho Stankov.

The project is described by government press office as being of key importance for diversification of energy sources and for strengthening energy security of Bulgaria and Southeastern Europe.

For the first time in country’s modern history, the state will participate directly as an investor holding a stake in oil and gas exploration rights in the Bulgarian sector of Black Sea. The process opens a new chapter in development of national energy sector, the statement adds.

On January 14, the outgoing government adopted decision approving participation of Bulgarian Energy Holding EAD in implementation of oil and natural gas exploration project in Block 1-21 Khan Asparuh. Outgoing Energy Minister Zhecho Stankov described the decision as extremely important, calling it a long-awaited development for the Bulgarian energy sector.