OMV Petrom, the largest integrated energy producer in South-East Europe, announces its entry into the exploration consortium for the offshore Han Tervel field in the Bulgarian Black Sea.
OMV Petrom will hold a 25% stake in the project, joining operator Shell (42%) and Türkiye Petrolleri A.O. (TPAO) through subsidiary Turkish Petroleum Overseas Company Limited (TPOC) (33%) - subject to regulatory approval. The farm-in agreement has been signed and the finalization of the transaction is pending approval by the Bulgarian Government according to procedures.
„The entry into a new exploration perimeter in the Black Sea, together with high-caliber 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 field covers an area of approximately 4,000 km² and is located south of the Han Asparuh field. This is in line with OMV Petrom's strategy to capitalize on its extensive offshore expertise at a regional level.
Key elements of the next stage include:
- Immediate priority: acquisition and detailed analysis of 3D seismic data.
- Outlook for the future: based on the results of the seismic campaign, the partners will evaluate further exploration drilling.
- Financial commitment: OMV Petrom will contribute to the project costs and investments in proportion to its 25% shareholding, covering both historical costs and those related to future operations.
„We have developed strong exploration and development capabilities through our Neptun Deep project and our activities in the Han Asparuh perimeter. 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 Board of Directors responsible for Exploration and Production.
OMV Petrom is the largest integrated energy producer in Southeast Europe, with a group-wide annual crude oil and gas production of around 38 million boe in 2025. The Group has a refining capacity of 4.5 million tons per year and operates a high-efficiency 860 MW natural gas power plant. In the retail petroleum products distribution market, the Group is present in Romania and neighboring countries through about 780 gas stations under two brands - OMV and Petrom.