Türkiye joins Black Sea oil, gas exploration in Bulgaria

ANKARA

Türkiye’s state-owned Turkish Petroleum Corporation (TPAO) has acquired a 33 percent stake in the oil and natural gas exploration license for the Khan Tervel Block in Bulgaria’s Black Sea waters, the Turkish Energy and Natural Resources Ministry announced on July 31.

TPAO had previously announced on Feb. 18 that it would join exploration activities in the Khan Tervel Block 1-26, located within Bulgaria’s exclusive economic zone (EEZ), under a license operated by Shell.

Under a decision approved by the Bulgarian Council of Ministers on July 31, Shell was authorized to transfer 33 percent of its rights and obligations under the exploration license to TPAO, formally making the Turkish company a new license holder in the project.

Following the transaction, the ownership structure of the exploration license stands at 42 percent for Shell, 33 percent for TPAO and 25 percent for OMV.

Speaking after the agreement was signed on Feb. 18, Energy and Natural Resources Minister Alparslan Bayraktar said the exploration block covers slightly more than 3,800 square kilometers and is located in close proximity to Türkiye’s Sakarya gas field in the Black Sea.

“This block lies in an area that can be considered relatively close to our Sakarya gas field. Together with Shell, we will conduct seismic surveys in Bulgaria’s exclusive economic zone and, hopefully next year, proceed with an exploratory drilling campaign under a license that will remain valid for approximately five years,” Bayraktar said.

In a separate decision, the Bulgarian government approved a pre-feasibility study prepared by state-owned gas transmission operator Bulgartransgaz for a proposed NATO fuel pipeline connecting Greece and Türkiye to Romania through Bulgaria. NATO will contribute 10 million euros ($11.5 million) toward financing the study.

The planned pipeline aims to enhance the alliance’s logistical capabilities along its southeastern flank by establishing a dedicated overland corridor for the transport of military fuel, including jet fuel and diesel, to NATO forces.