French company Total said on Wednesday that it will start drilling for oil and gas off Bulgaria’s Black Sea coast between February and May next year.
The first exploration site, part of Khan Asparuh block, will be located about 86 km off the Bulgarian coast, Xavier Faugeras, general manager of Total E&P Bulgaria, said in Varna, presenting the project to the public.
“A project like this is particularly important for energy diversification in Bulgaria and will bring great benefits to Varna city and the region as logistics operations will be carried out from the port of Varna,” Faugeras said.
Total signed an exploration contract with Bulgaria for hydrocarbon drilling at the 14,220-sq.km. Khan Asparuh block and teamed up with Austria’s OMV and Spain’s Repsol to work on the permit in 2012.
Total announced last year that the start of drilling operations will be delayed until 2016 due to a slump in global oil prices.
Copyright 2015. Novinite