The Minister of Energy has proposed to the Bulgarian Council of Ministers opening the procedure for granting a permit for prospecting and exploration of oil and natural gas in area “Block 1-26 Tervel”, offshore Bulgaria, which was previously known as Teres Block and represented part of Block “Burgas - Deep Sea”. During the last session of the Energy Commission with the parliament, the Minister confirmed that the tender will be launched by the end of the year.
The permit will be awarded following an unattended tender procedure. The parameters of the permit include, among others:
- Area: 4,032 km2 and water column depth of between 1,500 to 2,000 m;
- Term: five years with two statutory possibilities for extension of up to two years;
- Term for purchasing tender documentation: 120 days following the publication of the tender decision in the Official Journal of the European Union;
- Term for filing of tender bids: up to the 140th day following the publication of the tender decision in the Official Journal of the European Union;
- Term for filing of proposals in performance of the tender requirements: up to the 155th day of the publication of the tender decision in the Official Journal of the European Union;
- Deposit fee for participation in the tender: BGN 15,000.
The annual area fee will be BGN 161,280.
The minimum mandatory work programme for a bid includes: acquisition, processing and interpretation of new 2D and 3D seismic data; preparation of geological model; assessment of the petrol potential and eventually drilling one exploratory well upon identifying perspective structures.
The decision of the Council of Ministers for the opening of the procedure when passed, will be published on the web page of the Council of Ministers, the Bulgarian State Gazette, and the Official Journal of the European Union.
The previous Law-Now article on Bulgaria's decision to re-launch Tervel (former-Teres) Block can be found here
For more information, please contact: Kostadin Sirleshtov, Denitsa Dudevska and Mirela Dyukendzhieva.