- BEH has entered the Han Asparuh block with a 10% interest
- OMV Petrom (operator) and NewMed Energy hold 45% each
- Exploration drilling started in December 2025 and is ongoing
The Bulgarian State, through Bulgarian Energy Holding (BEH), has entered the Han Asparuh offshore exploration joint venture in the Bulgarian Black Sea, with a 10% interest.
BEH will pay its proportional share (10%) of the costs incurred in connection with drilling preparations and operations.
In the new partnership structure, OMV Petrom remains operator, with a 45% stake, NewMed Energy holds 45%, and BEH holds 10%.
Exploration drilling started in December 2025 and is ongoing, with the drilling vessel Noble Globetrotter I contracted to drill two exploration wells.
'This partnership reflects a shared commitment to unlocking the Black Sea’s potential as a reliable regional energy source in a safe and sustainable manner', said Cristian Hubati, member of OMV Petrom’s Executive Board, responsible for Exploration and Production.
'Our participation into Han Asparuh extends our deepwater portfolio and strengthens regional collaboration in the Eastern Mediterranean and Black Sea', said Yossi Abu, CEO NewMed Energy.
'By joining the joint venture, Bulgaria takes an active role in exploring its offshore resources and enhancing national energy security. Moreover, such projects can make a significant contribution to the economy', said Valentin Nikolov, CEO Bulgarian Energy Holding.
A study recently issued by EY, commissioned by OMV Petrom and NewMed Energy, shows that unlocking the natural gas potential in the Bulgarian Black Sea could generate major benefits for the country’s economy and energy security. According to the analysis, every EUR 1 billion invested and spent in offshore projects could deliver up to EUR 5.2 billion in GDP and EUR 1.5 billion in state revenues.
Han Asparuh
Han Asparuh is an exploration block located in the Western Black Sea in Bulgaria, South of the Neptun 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 deep waters, OMV Petrom, in partnership with Romgaz, is developing the Neptun Deep project, with estimated volumes of 100 billion cubic meters of gas. First gas production from Neptun Deep is expected in 2027. More details about Neptun Deep here.
See related announcement: Preparations underway for the offshore exploration campaign in Bulgaria’s Han Asparuh block
Source: OMV Petrom
