Shell secures exploration rights in Bulgaria's Black Sea

Shell has secured a contract with the Bulgarian government to explore the Block 1-26 Khan Tervel field in the Black Sea, covering an area of 4,000 square meters. The agreement, celebrated in a signing ceremony attended by Bulgaria's Energy Minister and Prime Minister, is a significant step towards enhancing the country's energy independence and diversifying its gas supplies, especially following its previous reliance on Russian gas. Shell plans to conduct various surveys, including seismic studies, over the next five years to evaluate the hydrocarbon potential of the area. Bulgaria aims to unlock its domestic energy resources through this initiative, which aligns with its broader energy strategy. The deal follows other recent contracts for exploration in Bulgarian waters, indicating a growing interest in the region's resource potential. Shell's executive team expressed confidence in their ability to utilize advanced technology to support the exploration efforts.