OMV Petrom, the largest integrated energy producer in Southeast Europe, has announced its entry into the exploration consortium for the Han Tervel offshore block in the Bulgarian Black Sea.
OMV Petrom will hold a 25% stake in the project, joining operator Shell (42%) and Türkiye Petrolleri A.O. (TPAO) subsidiary Turkish Petroleum Overseas Company Limited (TPOC) (33%) – subject to regulatory approval.
The farm-in agreement was signed, with the completion of the transaction pending customary approval from the Bulgarian Government.
'Entering a new exploration block in the Black Sea, alongside major international partners, strengthens our portfolio and reinforces our long-term strategic commitment to this promising region', said Christina Verchere, CEO of OMV Petrom.
The exploration license for Han Tervel was granted in 2025 for an initial five-year term. The Han Tervel block covers approximately 4,000 km2 and is located south of the Han Asparuh block.
This move aligns with OMV Petrom’s strategy to leverage its extensive offshore expertise across the region.
Key details of the upcoming phase include:
- Immediate focus: acquisition and detailed analysis of 3D seismic data.
- Future potential: based on seismic results, the partners will evaluate subsequent exploration drilling.
- Financial commitment: OMV Petrom will contribute to project costs and investments proportionally to its 25% stake, covering both historical costs and future operations.
'We have built solid exploration and development capabilities through the Neptun Deep project and our activities in the Han Asparuh block. We look forward to a successful collaboration with Shell and TPAO, leveraging our collective strengths to unlock new opportunities', added Cristian Hubati, member of the OMV Petrom Executive Board, responsible for Exploration and Production.
OMV Petrom has a long tradition in the Black Sea, spanning four decades. The company’s current portfolio includes exploration, development, and production activities across Romania and Bulgaria. OMV Petrom is the operator of Neptun Deep, the largest natural gas project in the European Union.
Source: OMV Petrm
