Large Khan Tervel block lies near gas-rich Turkish waters
Updated 21 June 2024, 01:15
Bulgarian authorities plan to open a tender for a large exploration area in the Black Sea known as Block 1-26, or Khan Tervel.
The planned tender was initially announced in Sofia in August 2023, but detailed terms for potential bidders and deadlines were published in the official journal of the European Union only this week.
According to the journal announcement, Bulgaria is looking for an investor that can conduct necessary seismic work on the block over a five-year period, with a possible extension.
Khan Tervel lies to the south of the significantly larger Khan Asparuh field, which has been explored since 2012 by a consortium of TotalEnergies and Romania’s OMV Petrom.
In 2016, TotalEnergies reported a successful well on Khan Asparuh and resolved to continue gathering 3D seismic data on the block, which covers more than 14,000 square kilometres in water depths ranging up to 2000 metres.
However, OMV Petrom said earlier this year said it may take over TotalEnergies’ 57% share as the French company has decided to leave the project, according to reports in Sofia.
TotalEnergies has not formally confirmed plans to divest its interest in Khan Asparuh.
While Khan Asparuh has a joint border with OMVPetrom’s Neptun Deep gas development offshore Romania, where first gas is planned for 2027, Khan Tervel is located closer to Turkish Black Sea waters where state-run TPAO has reportedly identified more than 25 trillion cubic feet of gas reserves.
Applications to participate in the Khan Tervel bidding process are due by 5 November this year. The deadline to present actual bids is 20 November.
Applicants must have generated at least €150 million ($162 million) in total net sales revenue for the three preceding financial years.
They also have to demonstrate that they have the technical means to conduct the minimum work programme, access to seismic data interpretation software and employ personnel with needed skills.
(Copyright) Published 20 June 2024, 18:17
Updated 21 June 2024, 01:15
Sourse: www.upstreamonline.com