The Bulgarian government’s decision to approve the transfer of a 33% stake in the Black Sea Khan Tervel exploration block to Turkish Petroleum Overseas Company Ltd. has triggered debate over energy security, national interests and foreign participation in strategic resources.
The decision of the Council of Ministers from July 29 was published in the State Gazette on Wednesday. It allows Shell Exploration and Production (96) B.V. to transfer part of its rights and obligations under the permit for oil and natural gas exploration in Block 1-26 Khan Tervel to the Turkish state-owned company.
Following the approved change, the consortium exploring the block will consist of Shell with a 42% share, Turkish Petroleum Overseas Company Ltd. with 33%, and OMV Petrom E&P Bulgaria SRL with 25%.
The transfer is permitted under the Subsoil Resources Act, which regulates the possibility of changing the holders of rights and obligations under exploration permits.
Block 1-26 Khan Tervel is located in Bulgaria’s exclusive economic zone in the deep waters of the Black Sea, south of the Khan Asparuh exploration area. The block covers around 4,000 square kilometers and is intended for the search for oil and natural gas deposits that could contribute to Bulgaria’s energy security.
