The signing of a deal between Bulgaria and Shell for the discovery of oil and gas in the Black Sea is a major step forward for the country’s energy sector. Under the agreement, Shell will have the right to investigate the 4,000 square meter Block 1-26 Khan Tervel field.
A Crucial Phase in Bulgaria’s Energy Policy
With this deal, Bulgaria is taking a significant step toward diversifying its energy sources, which have traditionally been mostly dependent on Russian gas. Bulgaria is looking for more dependable and affordable energy sources. Energy security has become a major concern for the EU member.
Energy Minister Zhecho Stankov of Bulgaria emphasized the importance of the agreement.He stated, “With this contract, we are taking a significant step.” He added, “This will help uncover the deep Black Sea’s potential for future gas supplies.”
Shell’s Contribution to Innovation and Exploration
According to Eugene Okpere, executive vice president of exploration, strategy, and portfolio at Shell, the company’s top objective is to safely carry out 3D seismic operations. These operations aim to map the subsurface and assess the gas potential of the field. These operations will help assess the potential of the field. This will help map the subsurface and assess the gas potential of the field. With extensive experience in energy exploration and advanced technology, Shell aims to unlock the Black Sea’s offshore potential.
“We believe we can bring the best of our technology and our expertise,” Okpere said. He added, “This will help unlock the potential offshore Black Sea in Bulgaria.”
Energy Security and Diversification
The move follows a similar agreement with OMV Petrom and NewMed Energy. Last month, they also signed contracts with the Bulgarian government for oil and gas exploration in another Black Sea field.
With the ongoing energy crisis and the need to reduce reliance on Russian energy, Bulgaria is steadily increasing its focus on alternative energy sources. This shift aims to diversify the country’s energy supplies and improve energy security. The new exploration efforts are seen as a crucial part of Bulgaria’s long-term energy diversification strategy.
Source: Reuters
