- OMV Petrom farms down 50% of the Han Asparuh block to NewMed Energy
OMV Petrom, the largest integrated energy producer in Southeastern Europe, has announced a strategic partnership with NewMed Energy Balkan, a subsidiary of NewMed Energy, to advance exploration efforts in the Han Asparuh offshore block in Bulgaria. NewMed Energy is Israel’s leading energy partnership in the exploration, development, production and sale of natural gas and condensate. 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.
Cristian Hubati, member of OMV Petrom Executive Board, responsible for Exploration and Production: '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.'
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 sq km 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.
Source: OMV Petrom
