Bulgarian Gov't to Start Tenders on Oil, Gas Exploration and Drilling

The Teres Block 1-22, where part of the drilling and exploration is to be conducted. Photo by BGNES

The Council of Ministers has moved to begin tenders for exploration and drilling in two areas within Bulgaria's economic shelf and exclusive economic zone.

These are the Silistar Block 1-14 and Teres Block 1-22, according to the government's press office.

Potential investors will be granted a five-year allowance to explore the two blocks for oil and gas.

At a cabinet meeting on Wednesday ministers discussed options to turn Bulgaria into an key gas exporter.

"These are the bravest decisions this government is to take. I guarantee," daily 24 Chasa quotes Prime Minister Boyko Borisov as saying.

He added before discussion over the issue had kicked off that the government's opponents would seek to topple down the government after it launched the tender.

"This is 100 percent diversification, unlike telling us whether to receive the gas via Turkey or Greece, or via Ukraine... We have set aside BGN 100 M for interconnections, but all the gas will be coming from there [Russia]," Borisov asserted, claiming there are "billions of cubic meters" of gas in the two blocks.

In 2012 Bulgaria opened a tender for exploration at Teres Block 1-22, but the procedure failed though there were reportedly a few bidders.  

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