The Romanian oil and gas producer OMV Petrom (part of the Austrian energy group OMV) has announced a strategic partnership with NewMed Energy Balkan, a subsidiary of Israeli NewMed Energy, to advance exploration efforts in the Han Asparuh offshore gas block in Bulgaria. The partners have signed an agreement, under the terms of which OMV Petrom will transfer a 50% interest in the project to NewMed Energy Balkan, while maintaining its role as operator and retaining a 50% share. NewMed Energy is expected to finance a significant part of the costs of the exploration and appraisal operations. The deal is expected to close in the first half of 2025, once all relevant commercial and regulatory conditions are met.
Bulgaria's Han Asparuh offshore block is an exploration block located in the western Black Sea in Bulgaria, south of the Neptun Deep block in Romania and has an area of 13,712 km² with water depths slightly below 2,000 m, with estimated volumes of 100 bcm of gas. First gas production from Neptun Deep in Romania is expected in 2027.