On 31 July 2019 the Bulgarian Council of Ministers decided to open a procedure for the tender of Tervel Block, previously known as the Teres Block, located in offshore Bulgaria.
This is the third tender announced for this block, as no bidders stepped forward in the initial two rounds. The decision to launch the current tender comes a considerable time after the Minister of Energy submitted her proposal.
According to the Council’s decision, the current tender will include an offshore block of 4,032 square metres, a five-year term for prospecting and exploration, the acquisition and reprocessing of 2-D and 3-D seismics, and the production of a geological model for the assessment of petrol potential and the identification of perspective structures.
The minimum work programme does not include the drilling of a well.
In its decision, the Council also stated that this block has not been examined in detail, no exploratory well has been drilled, and geological and geophysical data on the area are scarce.
The term for purchasing tender documentation will be 120 days following the publication of the tender decision in the Official Journal of the European Union.
The procedure will soon be published in the Bulgarian State Gazette and the Official Journal of the European Union, and tender bids must be filed no later than the 140th day following the publication of the tender decision in the EU's Official Journal.
The term for filing proposals for the performance of the tender requirements will be no later than the 155th day of the publication of the tender decision in the EU's Official Journal.
For more information on the contents of the tender parameters, please see here.
For more information on this tender and the Bulgarian oil industry, please contact the following resident experts: Kostadin Sirleshtov and Denitsa Dudevska.