Integrated energy producer OMV Petrom announced the completion of a stake transfer between its subsidiary OMV Offshore Bulgaria and NewMed Energy Balkan, a subsidiary of NewMed Energy, to the effect that both partners now hold an equal stake of 50% in the Han Asparuh project located in the western Black Sea in Bulgaria, south of the Neptun Deep area in Romania.
The partners aim to start drilling an exploration well in 2025, subject to obtaining all necessary permits.
"OMV Petrom, the largest integrated energy producer in Southeastern Europe, announces the completion of the transaction for the transfer of a stake between its subsidiary OMV Offshore Bulgaria and NewMed Energy Balkan, a subsidiary of NewMed Energy. NewMed Energy is Israel's leading joint venture in the exploration, development, production and sale of natural gas and condensate. After the completion of the transaction, the two partners hold equal stakes in the project - each 50%, with OMV Petrom (through OMV Offshore Bulgaria) being the project operator. The transfer of the stake to NewMed Energy Balkan has been approved by the Bulgarian Council of Ministers," OMV Petrom said in a statement.
This collaboration allows both parties to share the risks and costs associated with the project, thereby facilitating the advancement of exploration efforts, the cited source states.
Han Asparuh is an exploration block located in the western Black Sea in Bulgaria, south of Romania's Neptun Deep block, and has an area of 13,712 sq.km with water depths slightly below 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 campaign was finalized in May 2020 to identify potential drilling targets.
"Access to local resources is essential for energy security, and through the upcoming exploration activities we are opening new perspectives in the Bulgarian Black Sea area. It is a complex process, with high investments, and we count on the support of all stakeholders to progress with the exploration according to our ambitious schedule. We are pleased to welcome NewMed Energy into the project; their extensive experience in the energy sector will enhance our capabilities and contribute to the project's success," said Cristian Hubati, member of the OMV Petrom Management Board, responsible for Exploration and Production, as cited in the release.
In his turn, NewMed Energy CEO Yossi Abu showed that the company believes in the potential of operations in Bulgaria, due to the probability of discovery and proximity to key markets.
"We believe in the potential of operations in Bulgaria, due to probability of discovery and proximity to key markets - especially in light of rising global demand for natural gas and the need for a reliable and diversified supply. We are pleased to collaborate with OMV Petrom, a company with a proven track record in the region, and we are committed to moving forward swiftly along the defined milestones," said Yossi Abu.
OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 40 million boe in 2024. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. The Group is present on the oil products retail market in Romania and neighbouring countries through approximately 780 filling stations under two brands - OMV and Petrom.
As of end-2024, Romanian shareholders hold over 43% of the shares (with the Romanian state controlling 20.7%, through the Energy Ministry, and 22.5% are owned by pension funds in Romania, to which almost 500,000 individual investors and other Romanian entities add). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 5.6% are held by other foreign investors. Of the total OMV Petrom shares, 28.1% represents the free float on the Bucharest Stock Exchange. AGERPRES
Comentează