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Bulgaria's Council of Ministers has approved the issuance of a permit for oil and gas prospecting and exploration at the 15 000 km² Khan Asparuh 1-21 Block off the Black Sea coast near the Romanian border.
The document will be issued to Total E&P Bulgaria B.V. which won the tender for the permit, according to a media statement of the government's press office.
The company undertakes the commitment to implement a work program in line with its bid and the requirements set out in the tender documents.
The obligatory work program is aimed at finding one or more new conventional deposits of oil and/or natural gas.
All prospecting and exploration activities on the Khan Asparuh 1-21 Block will be conducted at the expense and on the risk of Total E&P Bulgaria.
If an economically feasible deposit is found, the permit holder will be able to claim a concession for oil and/or gas production as provided in the Mineral Resources Act.
Delyan Dobrev, Bulgaria's Minister of Energy, Economy and Tourism, announced about two weeks ago that French Total had won the rights to drill for oil and natural gas at the Khan Asparuh 1-21 Block for a period of five years.
The French company won the tender for the exploration permit over British-based Melrose Resources Plc.
Some 42-84 billion cubic meters of natural gas were recently proved in Romanian waters near the Khan Asparuh block.
According to preliminary geologic studies, the Khan Asparuh 1-21 Block, which spans nearly 15 000 km², may contain 500 billion cubic meters of natural gas.
Source: Turkish Weekly
The document will be issued to Total E&P Bulgaria B.V. which won the tender for the permit, according to a media statement of the government's press office.
The company undertakes the commitment to implement a work program in line with its bid and the requirements set out in the tender documents.
The obligatory work program is aimed at finding one or more new conventional deposits of oil and/or natural gas.
All prospecting and exploration activities on the Khan Asparuh 1-21 Block will be conducted at the expense and on the risk of Total E&P Bulgaria.
If an economically feasible deposit is found, the permit holder will be able to claim a concession for oil and/or gas production as provided in the Mineral Resources Act.
Delyan Dobrev, Bulgaria's Minister of Energy, Economy and Tourism, announced about two weeks ago that French Total had won the rights to drill for oil and natural gas at the Khan Asparuh 1-21 Block for a period of five years.
The French company won the tender for the exploration permit over British-based Melrose Resources Plc.
Some 42-84 billion cubic meters of natural gas were recently proved in Romanian waters near the Khan Asparuh block.
According to preliminary geologic studies, the Khan Asparuh 1-21 Block, which spans nearly 15 000 km², may contain 500 billion cubic meters of natural gas.
Source: Turkish Weekly
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