The Bulgarian state, through Bulgarian Energy Holding (BEH), has joined the Han Asparuh offshore exploration consortium in the Bulgarian Black Sea with a 10% stake.
BEH will pay its proportionate share (10%) of the costs incurred in connection with the drilling preparations and operations.
In the new partnership structure, OMV Petrom remains the operator with a 45% stake, NewMed Energy holds 45% and BEH holds 10%.
Exploration drilling began in December last year and is ongoing, with the Noble Globetrotter I drilling vessel contracted to drill two exploration wells.
“This partnership reflects the shared commitment to harness the potential of the Black Sea as a reliable regional energy source, in a safe and sustainable manner,” said Cristian Hubati, Member of the OMV Petrom Board of Directors, responsible for Exploration and Production.
“Our participation in the Han Asparuh project expands our deepwater exploration portfolio and strengthens regional collaboration in the Eastern Mediterranean and the Black Sea,” said Yossi Abu, CEO of NewMed Energy.
“By joining this consortium, Bulgaria is taking an active role in exploring its offshore resources and strengthening its national energy security. In addition, such projects can have a significant contribution to the economy,” said Valentin Nikolov, CEO of Bulgarian Energy Holding.
A recent study conducted by EY, at the request of OMV Petrom and NewMed Energy, shows that harnessing the natural gas potential of the Bulgarian Black Sea could generate major benefits for the country’s economy and energy security.
According to the analysis, every billion euros invested and spent in offshore projects could bring up to 5.2 billion euros to GDP and 1.5 billion euros in revenue to the state budget.
Han Asparuh is an exploration block located in the western Black Sea of Bulgaria, south of the Neptun block in Romania and covering an area of 13,712 km², with water depths of just under 2,000 m. Exploration activities began in 2012 and included geological and geophysical surveys and the drilling of three exploration wells. An extensive 3D seismic campaign was completed in May 2020 to identify potential drilling targets.