TPAO and Shell to seek oil in Black Sea off Bulgaria

Turkish state energy company TPAO has signed an agreement with British energy major Shell to conduct oil and natural gas exploration in Bulgaria’s exclusive economic zone in the Black Sea.

As part of the deal, the Turkish company will take part in activity led by Shell at the Block 1-26 Khan Tervel field in Bulgaria’s offshore waters, the state-run Anadolu news agency reported, quoting Turkey’s energy minister Alparslan Bayraktar.

Discussions between the companies regarding the exploration framework have been underway since last year.  

The Khan Tervel block covers more than 3,800 square kilometres and lies close to Turkey’s flagship Sakarya gas field, also in the Black Sea. 

Initial work will focus on seismic studies across the licence area, Bayraktar said, adding that drilling an exploration well is planned next year, subject to the findings.

The agreement is TPAO’s fourth international upstream deal in recent months. It signed separate pacts with ExxonMobil, Chevron and BP to diversify its exploration portfolio and bolster energy security through foreign assets.

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