OMV Petrom announces its entry into the exploration consortium for the offshore Han Tervel block in the Bulgarian Black Sea.

OMV Petrom will hold a 25% stake in the block, joining operator Shell (42%) and Türkiye Petrolleri A.O. (TPAO) through its subsidiary Turkish Petroleum Overseas Company Limited (TPOC) (33%) – subject to regulatory approval. The farm-in agreement has been signed and the transaction is subject to regulatory approval by the Bulgarian Government.

“Entering a new exploration block in the Black Sea, together with high-quality international partners, strengthens our portfolio and reinforces our long-term strategic commitment to this promising region,” said Christina Verchere, CEO of OMV Petrom.

The exploration license for Han Tervel was granted in 2025 for an initial period of five years.

The Han Tervel perimeter has an area of ​​approximately 4,000 km² and is located south of the Han Asparuh perimeter. This action is in line with OMV Petrom’s strategy to leverage its extensive offshore expertise at a regional level.

Key elements of the next phase include, as an immediate priority, the acquisition and detailed analysis of 3D seismic data. Based on the results of the seismic campaign, the partners will evaluate further exploration drilling. OMV Petrom will contribute to the costs and investments of the project in proportion to its 25% stake, covering both historical and future operational costs.

“We have developed solid exploration and development capabilities through the Neptun Deep project and our activities in the Han Asparuh area. We look forward to a successful collaboration with Shell and TPAO, leveraging our common strengths to open up new opportunities,” added Cristian Hubati, member of the OMV Petrom Executive Board, responsible for Exploration and Production.