Bulgaria’s government decided to launch a tender for an oil and gas prospecting and exploration permit in Block 1-26 Khan Tervel, in the Black Sea. The permit for the 4,032 sq km block will have a term of five years, which can be extended three times by two years, the government said in a statement.
The project envisages conducting 3D seismic surveys, preparing a geological model to identify prospective drilling sites, assessing petroleum potential and drilling an exploratory well.
To participate in the tender, interested parties should make a deposit of 15,000 levs (around 7,700 euros) and need to have booked at least 150 million euros in net sales revenue in total over the past three financial years. Additionally, applicants should have software for interpreting seismic data and an expert team to carry out the project activities.
The bids will be evaluated based on the proposed work plans, funding for environmental protection and the offered bonuses.
