OMV Petrom, the largest integrated energy producer in Southeastern Europe, has entered a strategic partnership with NewMed Energy Balkan, a subsidiary of Israel’s leading natural gas and condensate exploration company, NewMed Energy. The collaboration aims to advance exploration efforts in the Han Asparuh offshore block, located in the western Black Sea off Bulgaria.
Under the agreement, OMV Petrom will transfer a 50 percent interest in the project to NewMed Energy Balkan while retaining its role as the project operator. In return, NewMed Energy will cover a significant portion of the costs related to exploration and appraisal operations. The transaction is expected to close in the first half of 2025, pending the fulfilment of commercial conditions and approval from Bulgarian authorities.
Significance of the Han Asparuh Offshore Block
The Han Asparuh block spans an area of 13,712 square kilometres with water depths of up to 2,000 metres. Positioned south of Romania’s Neptun Deep block, it is a critical exploration site with geological similarities to other successful offshore operations. Exploration activities began in 2012, encompassing geological and geophysical surveys and the drilling of three exploration wells. A comprehensive 3D seismic survey completed in May 2020 has identified potential drilling targets.
This partnership reflects a shared commitment to enhancing energy security in Bulgaria and the region. The collaborative approach allows the parties to distribute the risks and costs associated with exploration, fostering progress in the development of regional energy resources.
Executive Commentary
Cristian Hubati, member of OMV Petrom’s executive board responsible for exploration and production, stated:
“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.”
The partnership positions OMV Petrom and NewMed Energy as key contributors to energy diversification and sustainability efforts in Southeastern Europe.
For more information visit www.omvpetrom.com
