OMV Petrom, NewMed Energy Partner Up for Offshore Exploration in Bulgaria

OMV Petrom, the largest integrated energy producer in Southeastern Europe, has closed the farm-down transaction with NewMed Energy, forming an equal partnership for the exploration of Bulgaria's Han Asparuh offshore block in Black Sea.

The transaction was completed between OMV Petrom’s subsidiary OMV Offshore Bulgaria and NewMed Energy Balkan, a subsidiary of NewMed Energy, an Israeli oil and gas firm.

After closing of the transaction, the two partners hold equal stakes in the project - each 50%, with OMV Petrom, through OMV Offshore Bulgaria, as operator of the project.

The transfer of the stake to NewMed Energy Balkan has been approved by the Bulgarian Council of Ministers.

This collaboration allows both parties to share the risks and costs associated with the project, thereby facilitating the advancement of exploration efforts.

The partners aim to start the drilling of an exploration well in 2025, subject to obtaining all the necessary permits. Based on the well’s results, additional drilling will be assessed.

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 km2 with water depths slightly below 2,000 m.

Exploration activities started in 2012 and