OMV Petrom, the leading integrated energy producer in Southeast Europe, has entered a strategic partnership with NewMed Energy Balkan, a subsidiary of Israel’s NewMed Energy, to advance exploration in the Han Asparuh offshore block in Bulgaria. Under the agreement, OMV Petrom will transfer 50% of its interest in the block to NewMed Energy, while retaining its role as operator. NewMed Energy will cover a significant portion of the exploration and evaluation costs.

The Han Asparuh block, located in Bulgaria’s western Black Sea sector, spans 13,712 square kilometers with water depths nearing 2,000 meters. Exploration activities began in 2012 and have included geological and geophysical studies, as well as the drilling of three exploration wells. A comprehensive 3D seismic survey was completed in May 2020, paving the way for identifying potential drilling targets.

The transaction is expected to close in the first half of 2025, contingent on regulatory approvals in Bulgaria. This collaboration highlights OMV Petrom’s strategic focus on leveraging regional expertise and advancing energy security in Bulgaria and the surrounding region.

OMV Petrom board member Cristian Hubati, responsible for Exploration and Production, remarked: “With extensive experience as an operator in both shallow and deep waters of the Black Sea, OMV Petrom brings valuable expertise to this project. Bulgaria is a natural extension of our offshore activities, and progress here has the potential to significantly bolster energy supply security across the region.”

The project reflects the company’s continued investment in energy exploration, following its involvement in the Neptun Deep block in Romania, estimated to hold 100 billion cubic meters of natural gas reserves. The first gas from Neptun Deep is anticipated by 2027.

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