In the coming weeks, Bulgaria will finalize a contract with Shell for exploration and exploitation in the Khan Tervel block of the Black Sea. Energy Minister Zhecho Stankov highlighted the importance of Shell’s involvement, expressing optimism about the project’s potential as gas exploration in the Black Sea remains a government priority.
Meanwhile, Israeli company NewMed has partnered with OMV Petrom in the Khan Asparuh block, the largest offshore exploration area in Bulgaria’s Black Sea sector. Both firms now hold equal stakes as they continue searching for natural gas and oil.
On the financial front, Bulgaria has halted payments to Turkish energy company BOTAS due to Bulgargaz’s financial difficulties, with payments suspended for nearly nine months. Minister Stankov has met with the Turkish ambassador and is seeking discussions with Turkey’s energy minister, aiming for negotiations in early April. He reassured that Bulgaria remains committed to supporting its energy companies and expects constructive talks on contract adjustments.
Beyond Black Sea exploration, Bulgaria is focusing on major energy infrastructure projects, including the construction of units 7 and 8 at the Kozloduy nuclear power plant and the development of the Vertical Gas Corridor, which will enhance the country’s role as a regional energy transit hub. Investments are also being directed toward expanding the electricity transmission network and developing new pumped-storage hydropower plants to solidify Bulgaria’s position as a green energy leader in the Balkans.
Minister Stankov noted that 2.7 billion euros had previously been redirected away from the energy sector, and the state is now prioritizing investments in these strategic projects.
