Bulgaria acquires 10% stake in Black Sea oil and gas consortium

Bulgaria has acquired a 10 per cent stake in a consortium exploring oil and gas in the Black Sea, joining as an investor in the development of the country’s offshore resources.

The agreement, signed on Thursday by the state-owned Bulgarian Energy Holding (BEH), OMV Offshore Bulgaria and Numed Energy Balkan Limited, covers exploration rights in the “Han Asparuh” block. Outgoing prime minister Rosen Zhelyazkov and energy minister Zhecho Stankov attended the ceremony.

Zhelyazkov said the move could eventually allow Bulgaria to meet domestic energy demand from local production, contributing to “greater energy and raw material independence” and positioning the country as a strategic hub in south-eastern Europe.

Editor: Miglena Ivanova
Posted in English by E. Radkova