CZECH, BULGARIAN EXPLORATION SCHEDULED

Upstream opportunities continue to open in eastern Europe, where western operators have agreed to conduct exploration programs. Maxus Energy Corp., Dallas, is the first western company allowed to explore in Czechoslovakia. Maxus and VVNP (Research Oil Co.), an exploration and production company based in Bratislava, agreed to a joint exploration and production effort on two blocks covering 1.5 million acres in the Danube and East Slovak basins of the Slovak republic.

May 20, 1991

2 min read

Upstream opportunities continue to open in eastern Europe, where western operators have agreed to conduct exploration programs.

Maxus Energy Corp., Dallas, is the first western company allowed to explore in Czechoslovakia. Maxus and VVNP (Research Oil Co.), an exploration and production company based in Bratislava, agreed to a joint exploration and production effort on two blocks covering 1.5 million acres in the Danube and East Slovak basins of the Slovak republic.

The first phase is a 3 year period for geological and geophysical evaluation, to be followed by optional exploratory drilling in years 4-6. VVNP will participate as a 50% partner in development and production of any commercial discoveries.

Texaco Exploration Offshore Bulgaria Ltd. with the U.K.'s Enterprise Oil Exploration and Austria's OMV Aktiengesellschaft signed a joint venture agreement with Bulgaria's Committee of Geology and Mineral Resources covering exploration and production on Block 111, a 504,084 acre area off Varna in the Black Sea.

Texaco will operate with a 20% interest. Enterprise holds 20%, OMV 10%, and Bulgaria 50%.

Bulgarian Telegraph Agency reports the companies will spend $20 million in the 5 year exploration phase of the contract, starting with seismic surveys. Bulgaria's costs will be carried by other partners in this phase. Bulgaria can meet only 2% of its oil needs and has not explored its continental shelf for lack of funds and technology.