ENERGY AND ENERGY EFFICIENCY
Australian oil and gas enters Bulgaria, buys offshore block stake from Shell
Woodside said that it had entered the farm-in agreement with Shell to buy a 30% non-operated participating interest in Block 1-14 Khan Kubrat.
The block is located within the continental shelf and exclusive economic zone of the Republic of Bulgaria in the Black Sea.
“This opportunity targets an emerging oil and gas province close to existing infrastructure and markets,” Woodside said.
Planning is in progress to drill an exploration well in Q2 2019.
Woodside on 24 July, incorporated Woodside Energy (Bulgaria) Limited – a wholly owned subsidiary incorporated in England and Wales.
The Shell transaction is subject to satisfaction of conditions precedent.
Source: Bulgarian News Agency
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