Bulgaria Launches New Black Sea Drilling, Eyes 30% State Revenue from Gas

Bulgaria has commenced a new round of drilling in the Black Sea aimed at extracting natural gas, marking a significant step in the country’s energy development strategy.

Energy Minister Zhecho Stankov spoke at a national forum on strategic energy projects, expressing cautious optimism about the potential outcomes of the drilling. He noted that, if successful, the project could allow Bulgaria to secure up to 30% additional revenue from each unit of natural gas extracted in the Black Sea, meaning that roughly every third molecule of hydrocarbons extracted would be directed to the state budget. The revenue, according to Stankov, would ultimately benefit Bulgarian citizens.

Vice President Iliana Yotova addressed the forum as well, stressing the importance of national energy security. She warned against repeating mistakes in resource management, drawing a comparison with Bulgaria’s water security, and highlighted that the country’s energy independence is also linked to the broader energy security of the European Union. Yotova underscored that Bulgaria carries both responsibilities and obligations to maintain its own energy autonomy amidst global tensions and challenges.