Bulgaria Launches Tenders for Oil, Gas Exploration Rights at Silistar, Teres Blocks, Yolian Ivanov, 30 06 2015AEI Updates June 2015Posted by Adv. Lorenc Gordani, PhD Tue, June 30, 2015 13:12:04
The tenders for oil and natural gas exploration rights for Block 1-14 Silistar and Block 1-22 Teres, two exploration blocks located in Bulgaria's Black Sea continental shelf and exclusive economic zone, are underway.
The licenses for prospecting and/or exploration of oil and natural gas will be awarded for 5-year periods. The applicant-merchant or at least one of the participants in the applicant-corporation should have generated total net income of sales for the last 3 financial years, depending on the date on which it was established, not less than EUR 150 000 000.
The deadline for submitting applications for participation in the competition expires on the 140th day following the publication and the deadline for submitting the proposals under the competition dossier expires on the 155th day following the publication. The holders of the permits are expected to be selected in early autumn.
The launch of the competitions for the two exploration blocks is part of the commitment of the Bulgarian government to reduce the country’s dependence on imports and to develop its domestic oil and gas reserves. The government expects that the competitions will attract the attention of leading international companies in the sector.