Bulgaria To Award Licence for Oil, Gas Exploration in Black Sea

Bulgaria To Award Licence for Oil, Gas Exploration in Black Sea

Bulgaria will open a procedure to award a licence for oil and natural gas exploration in the country's economic zone in the Black Sea, the government said.

The five-year licence will cover the 4,032 square metre Block 1-22 Teres, the government said in a statement, following a regular weekly meeting on Wednesday.

In the event of commercial discovery, the concessionaire will be automatically granted permission to produce from the field.

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