French oil and gas giant Total will start searching for gas in the deep waters of the Han Asparuh block in Bulgaria's Black Sea in July. This was announced by the French - Bulgarian Chamber of Commerce Chairman Stephane Delahaye at a conference.
The French company won the competition for surveying deposits in the Black Sea in 2012.
Total will work with Austria based OMV and Spanish based Repsol.
Total explained that following an extensive geological exploration in the block, they will construct a minimum of two wells with the depth of 1,000 and 2,000 meters.
According to French Ambassador to Bulgaria Xavier Lapeyre de Cabanes, Total invested EUR 250 million in the project, which is the largest French investment in Bulgaria to date.
France also plans to invest EUR 550 million in the construction of a mega holiday complex in the Rila mountains. According to Delahaye, with these two projects, France will double its current BGN 1 billion investments in Bulgaria.
Total SA and Bulgaria have signed a formal agreement for the exploration and development of the Khan Asparuh block located in the Black Sea.
The five year contract will see Total (as to 40 percent) and consortium partners OMV AG and Repsol SA (each as to 30 percent) explore for gas and oil deposits in the block which spans over 14,400 square kilometers.