Drilling In Black Sea For Gas & Oil To Start Soon

Local extraction in the deep Black Sea is one of the most real forms of diversification of energy resources – something our government is actively seeking and working for. Local resources will help us with more energy independence and better liquidity on the gas exchange. This is what Energy Minister Temenujka Petkova said during a visit to the Noble Globetrotter II drilling company Shell International Exploration and Development Italia S.p.a. in Burgas.

The Energy Minister and Deputy Prime Minister Tomislav Donchev met on the spot with the upcoming exploration drilling activities in the Han Kubrat Bloc. In the words of Deputy Prime Minister Donchev, the preliminary studies in the block give grounds for drilling, which is a opmistic perspective.

“I am sure that all the wealth in Bulgaria is not revealed, so everything is possible to be discovered, we will be pleased with every find, I wish the company that will carry out the survey to follow the highest standards of work and protection the environment, “the Deputy Prime Minister said.

Energy Minister Temenujka Petkova informed that the drilling in the Han Kubrat block will begin in a few days. For the fourth consecutive year, the government has concentrated its efforts to build the missing infrastructure and to develop the natural gas market in the country, Petkova stressed during the visit. She recalled that a concept for the construction of a gas distribution center has been developed together with the European Commission and one of the possible sources for its supply is local extraction.

The country’s energy strategy, updated at the end of last year, outlines the liberalization of the natural gas market and the creation of a gas trading exchange as one of the main prospects. In pursuance of this strategy, Bulgartransgaz EAD has already registered a subsidiary – “Gas Hub Balkan” EAD, which will operate trading platforms for the needs of the markets within the gas hub. Petkova stressed that the government’s long-term vision envisages that 49% of this company’s ownership be granted to private investors – industrial consumers, gas distribution network operators, licensed gas exchange operators and others.

The company will do its utmost to uncover the potential of the Black Sea, said Shell CEO Kamelia Slaveykova. A Shell representative for Europe said drilling would be up to 3000 meters and hopes were high.

Read More

Zimbabwe Government Announces Day Against USA Sanctions

Zimbabwe authorities have announced a new official holiday for the country to protest against US sanctions, the Associated Press reported. The so-called Day Against Sanctions will...

Bulgaria & Palestine Announce Cooperation

Bulgaria’s cabinet approved a draft agreement for cooperation in the fields of education, science, culture, youth and sports between the governments of Bulgaria and Palestine for the period...

Chinese Investments In Europe & North Africa Decreased In 2019

China's investments in North America and Europe report their lowest levels in the last 9 years, according to a new report by Baker McKenzie, a global...

Recent

Croatia Also Enters Race For Volkswagen Plant

Croatia enters battle for Volkswagen's new factory, local newspaper reports. The investment is expected to exceed one billion euros. According...

Bulgaria Negotiating $1.5 Billion Worth Of Investments From South Korea

Bulgaria Discusses with Turkmenistan Natural Gas Supplies for the Balkan Gas Hub At the first Caspian Economic Forum, it was also revealed...

Alterco Looking To Raise $5.1 Million Via Share Offering

Bulgarian telecommunications and IoT company Allterco said on Monday that it will seek to raise up to 9 million levs ($5.1...