Bulgaria signs a contract with the company "Total" for prospecting of oil and natural gas in deep Black Sea

“Today we start to build Bulgarian energy independence”, said the Minister of Economy, Energy and Tourism Delian Dobrev at the signing of the contract with the company "Total" for prospecting and exploration of oil and natural gas at "Block 1-21 Khan Asparuh" in deep Black Sea. The ceremony was held on 29 August at the Council of Ministers in the presence of the Prime Minister Boyko Borisov.

According to Delian Dobrev the initial data indicate considerable potential for production of both natural gas and oil. Between 40 and 80 billion cubic meters of gas have been found in the Romanian territorial waters, but our block is three times larger – thus the Minister motivated the expectations of significant quantities of oil and gas in "Block Khan Asparuh".

By signing this contract we make a huge step towards true diversification of energy sources in Bulgaria, said Prime Minister Boyko Borisov during the ceremony.

According to the Prime Minister, the ceremony is an expression of the government's efforts for the next generations in Bulgaria to be able to enjoy much cheaper energy sources.

The company "Total" will invest over EUR 1 billion in research, including 3D seismic line over five thousand square kilometeres, 2D seismic line over 10 thousand kilometeres, and drilling at five thousand and six thousand feet depth. With the signing of the contract Bulgaria receives 40 million bonus. The term of the license is five years.