Shell has signed a five-year exploration contract in Bulgaria's Black Sea.
The firm plans to invest about US$20.5 million to explore gas and oil deposits in the Silistar block, including seismic surveys, Energy Minister Temenuzhka Petkova told reporters in Sofia Tuesday, according to Bloomberg. The contract has an option for two extensions by two years each, she said.
Shell's move into the Bulgarian Black Sea was revealed last September, but it has take until now for the exploration contract to be signed. Bulgaria had tendered the Sillstar and the smaller Teres blocks, for which there had been no interest. Sillstar covers about 7000sq km.
Shell's proposed working program includes 2D and 3D seismic studies, as well as measures for the protection of the environment, the human health and the cultural values.
Other explorers working offshore Bulgaria include Total, OMV and Repsol, who are joint-venture partners in Block 1-21 Han Asparuh, in the deep offshore part of the Black Sea, covering 14,220sq km.
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