Bulgaria’s Minister of Energy Zhecho Stankov and Vanya Ivancheva, Country Chair Shell Bulgaria, signed a contract for oil and gas exploration in Bulgaria’s exclusive economic zone in the Black Sea. The ceremony took place at the Council of Ministers building in the presence of Premier Rosen Zhelyazkov.

The exploration will cover Block 1-26 Khan Tervel, an area of approximately 4,000 square kilometers, which is adjacent to Block Khan Asparuh, where drilling is already underway in search of deposits.

According to Minister Stankov, the gas that may be discovered in the onshore and offshore territory of the Black Sea will be the cheapest for Bulgaria, as it will not include transit fees for delivery, reaching up to 30% of the final price. In the case of future discoveries, the country is expected to receive concession payments, which could reach up to 30%.