site.btaProcedure for Granting Authorization for Prospection, Exploration of Oil, Natural Gas in Block 1-26 Khan Tervel Published in EU's Official Journal

A Decision was published in the Official Journal of the European Union Tuesday to open a procedure for granting authorization for the prospection and exploration of oil and natural gas in Block 1-26 Khan Tervel, located in the exclusive economic zone of the Republic of Bulgaria in the Black Sea, and announcing that authorization will be granted on the basis of a competitive bidding procedure.

Although the decision of the Council of Ministers to open the competitive procedure is dated August 25, 2023, it is only now that a procedure under which bidders will not be present when the bids are considered is being launched.

The deadline for purchasing the bidding dossier shall be 5:30 pm on the 120th day following the publication of this Decision in the Official Journal of the European Union, while the deadline for submitting applications to take part in the competitive bidding procedure shall be on the 140th day, and the deadline for submitting bids – on the 155th day.

Applicants' proposals will be evaluated according to study work programs, conservation funds, etc. The permit will be granted for a five-year period, with the right to two extensions of up to two years each. Block 1-26 Khan Tervel covers an area of just over 4,000 square kilometres and is currently poorly explored.

"The expansion of exploration in the Black Sea will contribute to the development of the country's own production, which is of strategic importance for ensuring the country's security through diversification of energy sources," caretaker Energy Minister Vladimir Malinov stressed. In his words, the development of an indigenous field will both ensure the country's energy independence and contribute to increasing the competitiveness of the economy.