Shell will explore "Block 1-14 Silistar" area for oil and natural gas deposits
Shell Exploration and Production B.V., part of Royal Dutch Shell Plc., will explore "Block 1-14 Silistar" area for oil and natural gas deposits. The block covers an area of 6893 square km and is situated in the exclusive economic zone of Bulgaria's Black Sea.
Shell will invest EUR 18.6 M, VAT excluded, in the exploration and will pay the state a bonus of EUR 4.9 M, VAT excluded. The agreement is for a period of five years with the possibility of a two- year extension, applicable twice. The work program proposed by the company includes seismic surveys that will be carried out in line with the national and European regulations and Shell’s health, safety, security, environment and social performance standards.
Source: Bulgarian Ministry of Energy