Bulgaria Preparing to Open Tender for Offshore Oil, Gas Exploration Permit

Bulgaria Preparing to Open Tender for Offshore Oil, Gas Exploration Permit

Bulgaria is preparing to launch a procedure to award an oil and gas prospecting and exploration permit in Tervel offshore block in the Black Sea, the energy ministry said on Tuesday.
The ministry provided no further details in a statement issued after a meeting between energy minister Temenuzhka Petkova and Xavier Faugeras, general manger of Total E&P Bulgaria, which is carrying out exploration works in the 1-21 Han Asparuh offshore block. France's Total holds a 40% interest in Total E&P Bulgaria, while Austria's OMV and Spain's Repsol hold 30% each.
During the meeting Petkova and Faugeras discussed planned amendments to the Subsurface Resources Act.
The government's main goal is to ensure an environment that is conducive to foreign investments, Petkova is quoted as saying.

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