Bulgaria to terminate Teres offshore block tender – Bulgaria, 13 January 2017

It is expected that the Bulgarian Council of Ministers will terminate the tender for oil and gas exploration and exploitation license for 1-22 Teres offshore block in the Black Sea, because none of the six companies that bought tender documentation have submitted a bid.
In April 2015, Bulgarian Ministry of Energy announced the opening of tender for oil and gas explorations in blocks 1-14 Silistar and 1-22 Teres in the continental shelf in the Black Sea. Oil and gas exploration permits will have a five-year term and the tenders were open both to companies and consortia. The Silistar block covers an area of 6,893 square kilometers, while the Teres block covers an area of 4,032 square kilometers. The tender for oil and gas exploration in 1-22 Teres block was already held in 2013, but it failed to attract any bidders.

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