Türkiye joins Black Sea oil, gas exploration in Bulgaria
Türkiye’s state-owned Turkish Petroleum Corporation (TPAO) has acquired a 33 percent stake in the oil and natural gas exploration license for the Khan Tervel Block in Bulgaria’s Black Sea waters, the Turkish Energy and Natural Resources Ministry announced on July 31.
TPAO had previously announced on Feb. 18 that it would join exploration activities in the Khan Tervel Block 1-26, located within Bulgaria’s exclusive economic zone (EEZ), under a license operated by Shell.
Under a decision approved by the Bulgarian Council of Ministers on July 31, Shell was authorized to transfer 33 percent of its rights and obligations under the exploration license to TPAO, formally making the Turkish company a new license holder in the project.
Following the transaction, the ownership structure of the exploration license stands at 42 percent for Shell, 33 percent for TPAO and 25 percent for OMV.
