Following a cooperation agreement signed in 2024, Shell has formalized a partnership with Turkey's state-owned Turkish Petroleum (TPAO) for exploration activities in Bulgaria's sector of the Black Sea. This makes Shell the fourth supermajor, after ExxonMobil, Chevron, and BP, to sign a co-operation deal with TPAO.

Agreement and Licence Details

The partnership agreement focuses on the Khan Tervel licence, also known as Block 1-26, which covers approximately 3800 square kilometres. The companies have secured a five-year exploration licence for this block. Under the terms, TPAO will take a 33% interest in the Khan Tervel licence, while Shell will remain as the operator.

Strategic Location and Exploration Plans

The Khan Tervel acreage is noted for its proximity to TPAO's large Sakarya gas field. This location implies that Shell can leverage TPAO's sub-surface knowledge to inform drilling decisions. The initial exploration plans involve acquiring seismic data, with the potential for drilling an exploration well in 2027.