On March 14, the Bulgarian Council of Ministers passed a resolution for extending the term for the oil and natural gas prospecting and exploration license in the Block 1-21 Han Asparuh area, which is located in the Black Sea exclusive economic zone.

This is the first time the license has been extended since its initial five-year expiration and the additional 135-day extension brought about by force majeure.

According to publicly available information, the license holder will invest a minimum of EUR 3 million during the extension period.

Another two-year extension period will be available if the license holder has fulfilled the provisions of the agreement but there is a need for carrying out of additional work.

Similarly, the Council of Ministers is also considering relaunching the tender procedure for prospecting and exploring the Teres offshore block, an area of 4,032 square km. The initial license will be for five years. The procedure to be carried out will likely be an unattended competitive bidding procedure.

When launched, the Council of Ministers will publish the procedure on its web page, in the Bulgarian State Gazette, and in the Official Journal of the European Union.

Two bidding calls for the Teres block were previously launched in 2012 and 2014. Both procedures were discontinued due to lack of participants.