Bulgarian PM: Total E&P Exploration Deal Giant Leap to Diversification

Energy | August 29, 2012, Wednesday // 16:01|  views

The Bulgarian Ministry of Economy, Energy, and Tourism, and Total E&P Bulgaria B.V. have signed a contract for oil and gas exploration in the Black Sea, a deal described by PM Boyko Borisov as a "giant leap to diversification".

The agreement was inked in Sofia Wednesday afternoon Bulgarian Economy and Energy Minister Delyan Dobrev and Total E&P Bulgaria B.V. representative Patrick Pluen.

"We are making a giant leap towards Bulgaria's true energy diversification in oil and gas supplies," Prime Minister Borisov stated after the signing, as cited by BGNES.

Under the five-year contract, Total E&P Bulgaria is expected to invest over BGN 1 B in the oil and gas exploration.

On July 25, 2012. 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.

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Tags: Khan Asparuh, exploration rights, oil and gas exploration, Total SA, Economy Minister, Delyan Dobrev, Boyko Borisov, Prime Minister, natural gas, Black Sea, energy diversification

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