site.btaTotalEnergies EP Bulgaria and OMW Offshore Bulgaria Get Two-Year Extension of Black Sea Oil and Gas Prospecting Licence

TotalEnergies EP Bulgaria and OMW Offshore Bulgaria get another two-year extension of their project for oil and gas prospecting in Bulgarian territorial water in the Black Sea, in Block 1-21 Han Asparuh, said the Bulgarian Energy Ministry Tuesday. Earlier in the day, Energy Minister Alexander Nikolov signed an annex for the extension to the agreement with the two prospecting companies.

The extension was requested by the two companies.

Block 1-21 Han Asparuh is in the Bulgarian exclusive economic zone in the Black Sea. The prospecting agreement was signed in September 2012 and has already been extended twice. A decision for the third extension was made by the government in February 2022.

TotalEnergies EP Bulgaria and OMW Offshore Bulgaria justified their extension request with having identified a promising area with a potential for oil and gas deposits, where they want to do further exploration.

The Minister told the representatives of the two companies that he was encouraged by their persistent efforts to explore the Bulgarian zone of the Black Sea. "It is extremely important for the energy security of our country," said the Minister.

Over the period of the extension, TotalEnergies EP Bulgaria and OMW Offshore Bulgaria will perform geological and geophysical work worth 900,000 euro. They will support initiatives in the area of health care, safety and environmental protection worth 355,000 euro. Another 200,000 euro will be invested in training Bulgarian experts. The investment will thus total 1.455 million euro.