EXPLORATION PACE TO QUICKEN IN BLACK SEA

Western companies plan to increase the pace of exploration in the Black Sea off Bulgaria and Ukraine. Texaco Europe, operating from Aberdeen, became the first western company to win a permit to drill off Bulgaria, following 18 months of work involving completion of the country's first environmental impact study. A wildcat will be spudded in June on Block 3, using Diamond Offshore's Ocean Liberator semisubmersible, which sailed from Falmouth, U.K. in March.

May 17, 1993

2 min read

Western companies plan to increase the pace of exploration in the Black Sea off Bulgaria and Ukraine.

Texaco Europe, operating from Aberdeen, became the first western company to win a permit to drill off Bulgaria, following 18 months of work involving completion of the country's first environmental impact study.

A wildcat will be spudded in June on Block 3, using Diamond Offshore's Ocean Liberator semisubmersible, which sailed from Falmouth, U.K. in March.

Drilling will be serviced from a supply base at Balchik, 25 miles north of Texaco's local office at Varna. Equipment and services will be shared in a cost-saving agreement with fellow operator Union Pacific Resources Inc., which expects soon to win a permit to drill on Block 1.

Texaco operates Block 3 with a 20% interest. Its partners are Enterprise Oil plc 20%, OMV Aktiengesellschaft of Vienna 10% and Bulgaria's Committee of Geology & Mineral Resources 50% (OGJ, Aug. 17, 1992, p. 36).

CRIMEAN VENTURE

JPK Exploration & Production Ltd., part of JP Kenny Group based in Staines, U.K., disclosed a joint venture agreement to explore and develop a 1,500 sq mile block off Crimea in the Black Sea.

Crimean Petroleum Co., owned 45% by JPK and 55% by Chernomorneftegas SPE, Ukraine's offshore oil and gas company, plans to begin exploration this year. The joint venture is based in Simferopol, Crimea. The company began negotiations for the offshore Delfin block, which lies in more than 280 ft of water, in April 1992. Crimea's first production sharing agreement for onshore fields was recently disclosed by Hytexplor Houston Inc. (OGJ, Feb. 15, p. 34).