Bulgaria gave the green light to Shell Exploration and Production (LIX) B.V. on Tuesday to conduct deep-water oil and gas exploration off its Black Sea coast.

The permit for prospecting and exploration activities at Blocks Silistar 1-14 has been awarded for a period of five years, the government in Sofia said in a statement. 

Energy Minister Temenuzhka Petkova announced last month that Shell Exploration and Production (LIX) B.V. will invest EUR 18.6M, VAT excluded, in the exploration activities and pay EUR 4.9 M, VAT excluded, to the Bulgarian state as a bonus upon the signing of the agreement.