French supermajor Total and the Bulgarian authorities yesterday signed the exploration contract for the offshore Khan Asparuh license.
The 14,220-sq.km block is situated 80 kilometers offshore in the Black Sea in water depths of between 100 and 2,000 meters.
“Total’s international experience in deep-offshore exploration and production was a decisive factor in winning the license,” said Marc Blaizot, Total’s Senior Vice President, Exploration. “Following French Guiana, Uruguay, Côte d’Ivoire and Mauritania, Total continues to build strategic positions in ultra-deepwater abrupt margin plays. In keeping with Total’s new dynamic in exploration, this license marks the first time that this type of highly promising play will be explored outside the Atlantic basins. The three partners are very confident in the potential of this new license, which contains a number of both oil and gas prospects.”
Total will allow two other European companies to work on the permit, Austria’s OMV (30%) and Spain’s Repsol (30%), with Total retaining a 40% stake
Offshore Energy Today Staff, August 30, 2012