A new analysis by EY, commissioned by OMV Petrom and NewMed Energy, suggests that developing natural gas reserves in Bulgaria’s section of the Black Sea could bring substantial economic and strategic benefits. According to the report, every 1 billion euros invested in offshore gas projects could add up to 5.2 billion euros to Bulgaria’s national GDP and generate around 1.5 billion euros in state revenues.
Bulgaria currently depends heavily on gas imports, with domestic production covering only a small portion of demand, which is about 2.7 billion cubic meters per year. The report notes that unlocking the Black Sea’s natural gas potential could significantly improve the country’s energy independence and enhance regional supply security.
Recent exploration across the Black Sea basin, particularly in Romania and Turkey, has underscored the region’s growing role as a key source of natural gas for southeastern Europe. Bulgaria now has the chance to join this regional trend, provided that investors receive the necessary regulatory stability and transparency for large-scale offshore development.
OMV Petrom, the operator of Bulgaria’s Khan Asparuh offshore block, continues its exploration activities with its partner NewMed Energy. The companies have secured a drilling vessel and plan to begin new offshore drilling operations in the last quarter of this year. Khan Asparuh, located south of Romania’s Neptun Deep block, spans about 13,700 square kilometers, with water depths reaching nearly 2,000 meters. Since 2012, exploration work in the area has included geological and geophysical surveys, three exploration wells, and a 3D seismic study completed in 2020 to identify future drilling sites.
OMV Petrom brings over 40 years of experience in Black Sea hydrocarbon production, managing several producing blocks in Romania’s shallow waters. In the deeper offshore areas, the company is developing the Neptun Deep field with Romgaz, which holds an estimated 100 billion cubic meters of recoverable gas. Production from that project is expected to start in 2027 and could serve as a model for Bulgaria’s own offshore energy development.
