Bulgaria, Total E&P Set to Ink Khan Asparuh Exploration DealEnergy | August 29, 2012, Wednesday // 12:34| views
The Bulgarian government has approved the issuance of a permit for oil and gas prospecting and exploration at the Khan Asparuh 1-21 Block to Total E&P Bulgaria B.V. Photo by Sofia Photo Agency
Bulgaria's government is to sign on Wednesday a concession contract with Total E&P Bulgaria B.V. for oil and gas exploration in the Black Sea.
The contract is to be signed by Bulgarian Economy and Energy Minister Delyan Dobrev and Total E&P Bulgaria B.V. representative Patrick Pluen.
Bulgarian Prime Minister Boyko Borisov will be present at the signing ceremony, local media say.
On July 25, the consortium received permission to drill for oil and gas at Block 1-21 Khan Asparuh in Bulgaria's Black Sea continental shelf and exclusive economic zone.
Exploration works will be conducted on an area of 14 000 sq m for five years.
The exploration block spans 1318 sq km and is located south of the block where British-based Melrose Resources is currently extracting natural gas, covering 10-15% of Bulgaria's domestic needs.
According to preliminary geologic studies, the Khan Asparuh 1-21 Block, which spans nearly 15 000 km?, may contain 500 billion cubic meters of natural gas.