Bulgaria To Award Oil, Gas Exploration Rights in Black Sea Exclusive Economic Zone

Energy | October 19, 2011, Wednesday // 13:49|  views

Bulgaria's first oil exploration field, Tyulenovo, was discovered in 1951. Photo by BGNES

The government has approved the launch of procedures for issuing an oil and gas prospecting and exploration permit at the Khan Asparuh 1-21 Block located in Bulgaria's Black Sea exclusive economic zone.

The field spans 14 220 sq km and the permit will be awarded for five years with a possibility for a contract extension.

Tender documents can be purchased by 17:00 o'clock on the 120th day following the promulgation of the decision in the Official Journal of the European Union.

Applications for participation in the procedure will be accepted by 17:00 o'clock on the 140th day after the official promulgation.

The one to win the exploration rights will pay an annual fee of BGN 426 000 and will automatically become concessionaire if an oil or gas field is found, he will be directly pronounced concessioner for production under Bulgaria's Underground Resources Act.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Tags: concessionaire, drilling, oil and gas supplies, exploration rights, exclusive economic zone, Black Sea


» Related Articles: