Bulgaria joins international consortium for gas exploration in the Black Sea

The outgoing government has approved the participation of Bulgarian Energy Holding (BEH) in the project for the exploration of oil and natural gas in Block 1-21 Han Asparuh in the Bulgarian economic zone in the Black Sea. Outgoing Energy Minister Zhecho Stankov described the decision as important and long-awaited news for the Bulgarian energy sector.

The Bulgarian state, through BEH, is entering into the rights to explore in the Black Sea together with the companies OMV and NewMed. For the first time in the recent history of Bulgaria, the state will not only benefit from concession fees, which for oil and gas reach 30 percent of the production, but will also actively participate with a 10% share in the investment for exploration and production, BTA reports.

Editor: Ivo Ivanov
Photo: BTA