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03.12.2014 16:05- Block Silistar
© Bulgarian Ministry of Energy
- Block Teres
© Bulgarian Ministry of Energy
Following a proposal from the Bulgarian Ministry of Energy, the Council of Ministers decided today to launch two tender procedures for research exploration of offshore oil and gas in two Black Sea blocks – 1 – 14 Silistar and 1 – 22 Teres (see maps above).
PM Boyko Borissov lauded the decision, as one of the bravest moves that the government will make, as it has the potential to grant energy independence to Bulgaria and turn it into a gas exporting country.
Potential investors could obtain license for a period of 5 years. 1- 14 Silistar has an area of 6893 sq. km and the future investor would have to pay BGN 275,720 (about EUR 137,860) per year. The fee for the 4032 sq. km 1 – 22 Teres amounts to BGN 161,280 (about EUR 80,640) per year.
Energy minister Temenuzhka Petkova explained that the decision is in line with the government’s efforts to guarantee Bulgaria’s energy independence, along with the development of gas interconnectors with neighbouring countries.
The news follows the reported cancellation of the South Stream gas pipeline project by Russia. In an emergency reaction to the situation, VP Tomislav Donchev said that Bulgaria could rely on financing for an alternative gas supply route from Greece.
This is the second time the government tries to attract investors for the two blocks. In 2002 – 2007 Vintage Petroleum International Inc. carried out a restricted range of research in both areas. In 2013 a second attempt was made for 1 – 22 Teres, but the tender was cancelled due to lack of interest from investors.
Bulgaria, almost fully dependent on Russian gas, currently relies on limited offshore gas output from Galata by Petroceltic. In the second half of 2015 French oil major Total is expected to start exploration drilling in deep offshore block Han Asparuh, with all procedures expected to take between 5 and ten years.
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