BAKU, Azerbaijan, May 13. The State Oil Company of Azerbaijan Republic (SOCAR) has been invited to participate in the Bulgarian government's international tender for the development of hydrocarbon resources on the Bulgarian Black Sea shelf, the country's acting Energy Minister Vladimir Malinov said, Trend reports.
“This week, the new Bulgarian government aims to initiate a tender process for oil and natural gas exploration in the Block 1-26 Khan Tervel area within Bulgaria's exclusive economic zone in the Black Sea. Companies like SOCAR and others might express interest,” Malinov said.
He states that comprehensive 3D geological and seismic studies across the entire Black Sea waters indicate a significant likelihood not only of discovering fields but also of hydrocarbon production.
“Expansion of geological exploration in the Black Sea will make a major contribution to ensuring our energy independence,” Malinov emphasized.
The total area of Block 1-26 Khan Tervel totals 4,032 square kilometers. So far, no drilling has been carried out on this block.
An informed source in SOCAR told Trend that “there is no decision on the possible participation of SOCAR in this tender of the Bulgarian government”.
To note, SOCAR ranks among the main gas suppliers to Bulgaria and has had a representative office in Sofia for more than a year, supervising its activities in the Balkans.