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 percent interest.
BEH will pay its proportional share (10 percent) of the costs incurred in connection with drilling preparations and operations.
New Partnership Structure
In the new partnership structure, OMV Petrom remains operator, with a 45 percent stake, NewMed Energy holds 45 percent, and BEH holds 10 percent.
Exploration drilling started in December 2025 and is ongoing, with the drilling vessel Noble Globetrotter I contracted to drill two exploration wells.
Strategic Partnership
Cristian Hubati, member of OMV Petrom’s Executive Board, responsible for Exploration and Production, said: “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.”
Yossi Abu, CEO of NewMed Energy, said: “Our participation into Han Asparuh extends our deepwater portfolio and strengthens regional collaboration in the Eastern Mediterranean and Black Sea.”
Valentin Nikolov, CEO of Bulgarian Energy Holding, said: “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.”
Economic Impact Analysis
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 Block
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 square kilometres with water depths slightly below 2,000 metres. Exploration activities started in 2012 and included geological and geophysical surveys and the drilling of three exploration wells. An extensive 3D seismic campaign was finalised 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 metres of gas. First gas production from Neptun Deep is expected in 2027.
For more information visit www.omvpetrom.com
