Bulgaria: Schoenherr advises Woodside Energy on a farm-out agreement with Shell International
Schoenherr has advised Woodside Energy, Australia ("Woodside") on the farm-out agreement with Shell International Exploration and Development Italia S.p.A., concerning Block Khan Kubrat 1-14 in the Black Sea.
Under the agreement signed in August 2018, Woodside acquired 30 % of the exploration rights, and the Bulgarian government approved the deal in December 2018. The block Khan Kubrat 1-14 is located within the continental shelf and exclusive economic zone of the Republic of Bulgaria in the Black Sea. Drilling of an exploration well is expected to take place in 2019.
Woodside is Australia's largest independent oil and gas company with a global portfolio, which is active in exploration, development, production and energy supply.
Schoenherr and Herbert Smith advised Woodside on the deal.
The Shoenherr team was led by Stefana Tsekova (partner, Sofia, regulatory); and consisted of Ilko Stoyanov (partner, Sofia, corporate/m&a); and Dimitar Kairakov (associate, Sofia, corporate/m&a).
CMS advised Shell International Exploration and Development Italia.