Anadarko Petroleum (NYSE:APC) and Total SA (NYSE:TOT) are among a growing number of international oil companies being invited by Bulgaria to bid on drilling permits for the Black Sea region off its coast.
The particular area being looked at is called the Silistar bloc, which is an area of approximately 4,313 square miles.
This is the first time Bulgaria has offered deep-water drilling permits for its waters.
Higher energy prices and better technology have made it much more interesting for countries in need of energy and job creation.
This region of the Black Sea is largely unexplored, making it very attractive for the possibilities it offers.