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Bulgaria to call for 4th tender for offshore Han Tervel Block

Bulgaria
29/08/2023
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On 23 August 2023, the Council of Ministers voted to open another tender for awarding the Han Tervel block, offshore Bulgaria. The licence is for prospecting and exploration of oil and gas for an initial five-year period with the possibility of three regular extensions of two years. 

Although no investor interest was shown in the previous three tenders for this block, the Council’s decision to conduct a fourth tender was linked to recent interest in Bulgaria’s offshore Han Asparuh block and offshore exploration in neighbouring Romanian and Turkish waters.

The Council of Minister’s Decision will be published in the Bulgarian State Gazette, on the website of the Ministry of Energy and in the Official Journal of the European Union. The notice will include the specifics of the tender and bidding requirements. 

The current Decision specifies the following tender information: the location (the exclusive economic zone of Republic of Bulgaria in the southern Bulgaria Black Sea coast and close to Turkey’s maritime border), the area’s size (4,032 square kms), the bid participation deposit amount (BGN 15,000 or about EUR 7,500) and the specification that the bidder must prove a generated total net income of EUR 150 million in sales for the last three financial years.

The bids will also be evaluated on the bases of the proposed work programme and funds allocated for environmental protection.

The minimum mandatory work programme must include the following: acquisition of new 3D seismic surveys, the preparation of a geological model to delineate prospective drilling targets,  an assessment of oil and gas potential and the optional drilling of an exploration well.

For more information on the tender for the Han Tervel Block and on other oil & gas related matters in both Bulgaria and internationally, contact your CMS client partner or these local CMS experts: Kostadin Sirleshtov, Denitsa Dudevska and Dian Boev

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