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Home Australia's Woodside has agreed to acquire Shell's stake in a maritime block in Bulgaria.

Australia's Woodside has agreed to acquire Shell's stake in a maritime block in Bulgaria.

15 from 2018 to 05 at 57: XNUMX
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Woodside enters Bulgaria and ends up buying Shell's offshore block stake

Woodside said on Wednesday that it had entered into a farm-in agreement with Shell to buy a 30% non-operated participating interest in Block 1-14 Khan Kubrat. The block is located within the continental shelf and exclusive economic zone of the Republic of Bulgaria, on the Black Sea. “This opportunity targets an emerging oil and gas province close to existing infrastructure and markets,” Woodside said.

Planning is underway to drill an exploration well in Q2 2019. On 24 July Woodside incorporated Woodside Energy (Bulgaria) Limited – a wholly owned subsidiary incorporated in England and Wales. The Shell transaction is subject to the fulfillment of conditions precedent and by the end of August, all agreements between the operators will have been signed.

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