Bulgaria is set to sign a contract with Shell for gas prospecting and exploration in the Khan Tervel block in the Black Sea within the next two to three weeks, Energy Minister Zhecho Stankov announced.
In an interview with Nova News, Stankov confirmed that Shell, the world’s fourth-largest energy company, won the tender for the exploration project. He expressed optimism about the expected outcomes, emphasizing that the exploration of gas fields in the Black Sea is a priority for the Bulgarian government.
Additionally, Stankov shared that Israeli company NewMed recently joined OMV Petrom in exploring the Khan Asparuh block, the largest offshore block in Bulgaria’s Black Sea region. Both companies now hold equal rights to continue gas and oil exploration there.
Addressing Bulgaria’s ongoing contract issues with Turkish company Botas, Stankov explained that payments have been suspended due to financial constraints at Bulgargaz. “We haven’t made payments in almost nine months, as we currently lack the financial capacity,” he stated. However, he mentioned that he had met with the Turkish ambassador and plans to meet with the Turkish energy minister in early April to discuss possible solutions.
When asked if the situation could lead to Bulgargaz’s decapitalization or bankruptcy, Stankov reassured that Bulgaria stands firmly behind its energy companies. “These are business matters that should be resolved quickly to ensure neither side is harmed. I am confident that we can renegotiate these contracts with our Turkish counterparts,” he added.
Stankov also highlighted Bulgaria’s focus on key energy projects, including the construction of units 7 and 8 at the Kozloduy Nuclear Power Plant and the Vertical Gas Corridor, which will strengthen Bulgaria’s role as a natural gas transporter. He noted that funding is being directed toward vital infrastructure projects, such as new hydropower facilities and the Electricity System Operator’s infrastructure, which will position Bulgaria as a major green energy hub in the Balkans. “These initiatives require substantial investment, with BGN 5.4 billion already allocated from the energy sector. It is essential for the state to prioritize these projects,” Stankov concluded.