OMV Offshore Bulgaria is transferring 50% of its rights under the oil and gas exploration permit for the 1-21 Khan Asparuh block in the Bulgarian Black Sea to NewMed Energy Balkan, following approval from the Council of Ministers.
In late 2024, Romanian OMV Petrom announced a strategic partnership with NewMed Energy Balkan, a subsidiary of Israeli NewMed Energy. As part of this agreement, OMV Petrom will transfer a 50% stake in the Bulgarian Khan Asparuh offshore block, while continuing as the operator. OMV Petrom stated that this partnership will allow both companies to share exploration risks and costs, advancing the project. Given its proximity to Romania and the geological similarities, Bulgaria represents a natural extension of the company’s offshore operations. Expanding exploration in Bulgaria could enhance energy supply security for both Bulgaria and the broader region.
The Khan Asparuh block, covering 13,712 square kilometers in the western Black Sea, is located south of Romania’s Neptun Deep project, which is set to begin gas production in 2027. Exploration activities have been underway since 2012, with geological surveys and the drilling of three wells. A 3D seismic survey completed in May 2020 identified potential drilling sites.
In June 2024, the Bulgarian caretaker government approved the transfer of TotalEnergies’ 57.14% stake in the Khan Asparuh block to OMV Offshore Bulgaria, a subsidiary of OMV Petrom, and extended the exploration permit. As a result, OMV Offshore Bulgaria became the sole holder of the permit.
NewMed Energy, a leading Israeli natural gas exploration and production partnership, was established in 1993 as Delek Drilling and rebranded in 2022 to reflect its broader operations.
