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OMV Petrom to transfer 50% stake in Bulgarian offshore gas exploration block Khan Asparuh to an Israeli company

13 december 2024

OMV Petrom, the largest oil and gas company in Romania, has announced that it will transfer 50% of its stake in the Bulgarian offshore Khan Asparuh block to NewMed Energy Balkan, a subsidiary of Israel's NewMed Energy, BalkanEnginner.com has learned from a publication of the Romanian company. The company will retain its role as operator of the project.

The transaction is expected to be completed in the first half of 2025, once the commercial conditions have been met and the Bulgarian authorities have given their approval. The agreement between the two companies will allow risk and cost-sharing while accelerating exploration efforts.

 

"Bulgaria's proximity to Romania and geological similarities make the country a natural extension of our offshore operations. Expanding exploration activities in Bulgaria can contribute to energy security in the region," said Cristian Hubati, Member of the Executive Board of OMV Petrom.

 

The Khan Asparuh block covers an area of 13 712 km² in the western Black Sea, south of Romania's Neptun Deep project, which is scheduled to start gas production in 2027. Exploration at Khan Asparuh, including geological surveys and three wells, began in 2012 and a 3D seismic campaign was completed in May 2020 to identify targets for future drilling.

 

In June 2023, the Bulgarian government approved the transfer of TotalEnergies' 57.14% stake in the block to OMV Offshore Bulgaria, part of OMV Petrom, and extended the exploration permit. This made OMV Offshore Bulgaria the sole owner of the permit.

 

TotalEnergies estimates that the Khan Asparuh block has the potential to produce up to 13 billion cubic meters of natural gas per year from two fields.

 

NewMed Energy, a leading energy company from Israel, founded in 1993 under the name Delek Drilling and renamed in 2022, plays a key role in the exploration, development and sale of natural gas in the region.

Photo source: ©Engineer BG via Canva.com

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