Energy Minister Zetso Stankov and Executive Vice President of Research, Strategy and Portfolio of Shell Yujin Okpere today signed a contract for oil and gas research projects in the exclusive Bulgarian Economic Zone in the Black Sea and SHELLY. The signature ceremony took place in the building of the Council of Ministers in the presence of Prime Minister Rosen Zeliaskov.

The forthcoming investigations will extend to the block 1-26 Han Tervel, covering about 4,000 sq. Km.

Stankov said the deal was extremely important. “By signing it, we are taking an important step towards discovering the potential of the deep black sea for future gas supplies,” he said.

This is expected to be “the cheapest gas” that Bulgaria will use, as it will not include additional fees and the country will also win by exploitation.

Prime Minister Zeliaskov noted that the project is “of great political significance” as it places Bulgaria among the active players in the area who are investigating uncharted possibilities of the Black Sea basin. The development of its own deposits, he said, has “huge potential”, while recognizing the time required to make tangible results visible.

In March, Stankov signed a document with OMV Offshore Bulgaria and NewMed Energy Balkan to continue research by the Block 1-21 Han Asparuch, which is also located in the offshore area of ​​Bulgaria in the Black Sea.