Bulgaria to take 10 per cent stake in Black Sea exploration block

Bulgaria's state-owned energy group Bulgarian Energy Holding will acquire a 10 per cent stake in oil and gas exploration rights for the Han Asparuh block in the Black Sea, the government said on Wednesday.

The Council of Ministers approved the deal, allowing BEH to buy five per cent each from OMV Offshore Bulgaria, a wholly owned subsidiary of Romania's oil and gas group OMV Petrom, and NewMed Energy Balkan, a unit of Israel's NewMed Energy, which currently hold the permit.