The Bulgarian state, through Bulgarian Energy Holding (BEH), has entered the Han Asparuh offshore exploration consortium in the Bulgarian Black Sea area with a stake of 10%, OMV Petrom announced.
BEH will pay its proportionate share (10%) of the costs incurred in relation to drilling preparations and operations.
In the new partnership structure, OMV Petrom remains the operator with a stake of 45%, NewMed Energy owns 45% and BEH owns 10%.
Exploration drilling began in December last year and is ongoing, with the drillship Noble Globetrotter I contracted to drill two exploration wells.
This partnership reflects a shared commitment to harness the potential of the Black Sea as a reliable regional source of energy in a secure and sustainable manner
said Cristian Hubati, member of the OMV Petrom Board, responsible for Exploration and Production.
Our participation in the Han Asparuh project extends our deepwater exploration portfolio and strengthens regional collaboration in the Eastern Mediterranean and Black Sea
said Yossi Abu, CEO of NewMed Energy.
By joining the consortium, Bulgaria is taking an active role in exploring its offshore resources and strengthening national energy security. Moreover, such projects can make a significant contribution to the economy
said Valentin Nikolov, CEO Bulgarian Energy Holdin
A recent study by EY, commissioned by OMV Petrom and NewMed Energy, shows that tapping the natural gas potential in Bulgaria's Black Sea region could bring major benefits for the country's economy and energy security.
According to the analysis, every €1 billion invested and spent on offshore projects could bring up to €5.2 billion to GDP and €1.5 billion in revenue to the state budget.
Han Asparuh is an exploration perimeter located in the western Black Sea in Bulgaria, south of the Neptun perimeter in Romania, covering an area of 13,712 km², with water depths of just under 2,000 m. Exploration activities started in 2012 and included geological and geophysical surveys and the drilling of three exploration wells. An extensive 3D seismic 3D campaign was completed in May 2020 to identify potential drilling targets.
