Bulgaria has signed a major agreement with energy giant Shell to explore and potentially extract oil and natural gas in the Black Sea, in a move aimed at strengthening the country's energy security, according to international media reports.
The deal covers Block 1-26 Khan Tervel within Bulgaria's exclusive economic zone.
Under the five-year contract, Shell will carry out a series of geological and geophysical surveys, including seismic studies, to determine the hydrocarbon potential of the area.
The Bulgarian government has emphasized that all exploration activities must adhere to stringent safety and environmental standards.
The agreement—in line with the country's priority to enhance domestic production—is seen as a strategic step towards reducing Bulgaria's dependency on imported energy.
Prime Minister Rosen Zhelyazkov and Energy Minister Zhecho Stankov attended the officially signing ceremony. Shell was represented by Eugene Okpere, the company's executive vice president for exploration, strategy and portfolio.
The Black Sea is increasingly regarded as a promising frontier for untapped energy resources, and this latest initiative signals Bulgaria's intent to capitalize on its maritime assets.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr