BULGARIA, “SHELL” SIGNED A CONTRACT FOR EXPLORATION OF OIL AND GAS IN SILISTAR BLOCK

On 23rd of February, Bulgaria’s Ministry of Energy signed a five year contract with Royal Dutch Shell for oil and gas exploration in Silistar block, located in the Bulgarian exclusive economic zone in the Black Sea. The working programme proposed by Shell Company includes seismic surveys as well as measure for protection of environment, human health and cultural valuables.

Shell plans to invest 18.6 million euro (excluding VAT) to explore gas and oil deposits and a 4.9 million euro bonus (excluding VAT) to the state upon signing the contract. The funds from the bonus will be contributed to the state budget, Bulgaria’s energy minister, Temenuzhka Petkova said at the contract signing ceremony.

Shell VP Middle East and North Africa exploration, Eileen Wilkinson, said that the license allowed to make an assessment of the potential for oil and gas. She added that before the start of the exploration, the company would need to obtain the necessary authorizations concerning the regulatory framework and the environment.

Minister Temenouzhka Petkova said that with signing this contract, Bulgaria was making an important step towards achieving one of the main priorities in the energy sector - the diversification of gas sources.

Prime Minister Boyko Borissov, who attended the signing ceremony, said that now no one could say that Bulgaria was not working actively towards diversification of its energy sources.

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