OMV Petrom and NewMed Energy to Advance Exploration in Bulgaria’s Han Asparuh Offshore Block

OMV Petrom and NewMed Energy Balkan are committed to accelerate exploration efforts in Han Asparuh offshore block in Bulgaria.

The parties have signed an agreement, through which OMV Petrom will transfer 50% interest in the project to NewMed Energy Balkan, while maintaining its role as operator. In exchange, NewMed Energy will bear a significant part of the costs of the exploration and appraisal operations.

The closing of the transaction is expected to take place in the first half of 2025, after fulfilment of several commercial conditions and approval of the Bulgarian relevant authorities.

The exploration in Bulgaria’s Han Asparuh offshore block is extremely important for ensuring the energy security in Bulgaria and the region.

This collaboration allows both parties to share the risks and costs associated with the project, thereby facilitating the advancement of exploration efforts.

“With operator experience in shallow and deep waters of the Black Sea, OMV Petrom brings extensive expertise to the region. Given its proximity to Romania and geological similarities, Bulgaria is a natural extension of our offshore activities. Advancing exploration activities in Bulgaria has the potential to support the security of energy supply in Bulgaria and the region,” Cristian Hubati, member of OMV Petrom Executive Board, responsible for Exploration and Production, noted.

Han Asparuh is an exploration block located in the western Black Sea in Bulgaria, south of the Neptun Deep block in Romania and has an area of 13,712 km² with water depths slightly below 2,000 m. Exploration activities started in 2012 and included geological and geophysical surveys and the drilling of three exploration wells. An extensive 3D seismic campaign was finalized in May 2020 to identify potential drilling targets.

OMV Petrom in the Black Sea

OMV Petrom has over 40 years of experience in oil and gas production in the Black Sea. In the Romanian sector, it operates several blocks, producing oil and gas in the shallow waters. In deepwater, OMV Petrom, in partnership with Romgaz, is developing the Neptun Deep block, with estimated volumes of 100 billion cubic meters of gas. The first gas production from Neptun Deep is expected in 2027.