Turkish Petroleum has joined the Bulgarian Gas Project
Turkish Petroleum has joined a joint gas exploration project in the Bulgarian sector of the Black Sea, acquiring a 33% stake alongside Shell and OMV Petrom. In 2024, seismic data collection is planned, with possible drilling to follow the next year.
Petrus
State-owned company Turkish Petroleum (TPAO) has completed the process of joining a joint exploration project led by Shell, aimed at developing the Block 1016 Khan Tervel license in the Bulgarian sector of the Black Sea.
The licensed area, covering 3,800 square kilometers, is located near the large Sakarya gas field, which is being developed by TPAO in the Turkish part of the Black Sea, as well as close to the Neptun Deep gas project operated by OMV Petrom off the coast of Romania.
Turkey’s Ministry of Energy announced that TPAO received approval to participate in the project after Bulgaria’s Council of Ministers allowed Shell to transfer 33% of its rights and obligations in the project to Turkish Petroleum.
As a result of the share distribution, Shell retains a 42% stake in the project, OMV Petrom holds 25%, and Turkish Petroleum owns 33%.
Shell signed a five-year exploration agreement with the Bulgarian government in April 2025 after obtaining the license through a competitive tender.
The Turkish Ministry of Energy announced plans for TPAO to join the project in February of this year. In 2024, seismic data collection is planned, and exploratory drilling may take place next year.
The Khan Tervel block is situated south of Bulgaria’s Khan Asparuh block, where operator OMV Petrom drilled two dry wells earlier this year, lowering expectations for significant oil and gas discoveries in that area.