Bulgaria OKs Transfer of 20% of Offshore Block Exploration Rights from Shell to Repsol

Bulgaria OKs Transfer of 20% of Offshore Block Exploration Rights from Shell to Repsol

Bulgaria's government said on Wednesday it approved the transfer of 20% of the exploration rights on offshore Block 1-14 Khan Kubrat, in the country's sector of the Black Sea, to Repsol Bulgaria Khan Kubrat from Shell International Exploration and Development Italia. The government has mandated energy minister Temenuzhka Petkova to sign an additional agreement with the companies to finalise the transfer, the government said in a statement following its weekly meeting. Following the transfer, Shell International Exploration and Development Italia will hold 50% of the Block 1-14 rights for exploration for oil and gas, Australia's Woodside Energy will remain with 30% interest held through its Bulgarian branch, and Repsol Bulgaria Khan Kubrat will hold 20%. In December, the government approved Shell International Exploration and Development Italia's decision to transfer 30% of the rights to Woodside Energy. Earlier in 2018, Woodside Energy said that it has entered into a farm-in agreement with Shell International Exploration and Development Italia to acquire a 30% non-operated participating interest in Block 1-14 Khan Kubrat. In addition to the transfer, the block’s name was changed from Silistar to Khan Kubrat.The block spreads on an area of 6,893 sq km in the Black Sea.

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