OMV and NewMed invest €170 million in oil and gas exploration off Varna

OMV Petrom and NewMed Energy Balkan are planning to invest €170 million in oil and gas exploration in the Bulgarian part of the Black Sea.

The two companies, which are part of the Austrian group OMV and the Israeli NewMed Energy, will start the drilling campaign in the last quarter of 2025, and it will last about four months.

Two wells will be drilled under the license for the Khan Asparuh block off Varna, which the two companies jointly own. The work will be carried out by Noble Corporation, a globally recognized provider of offshore drilling services. The ultra-deepwater drilling vessel Globetrotter I has been selected to carry out the operations. The value of the contract with Noble is approximately $80 million.

Integrated drilling services will be provided by Halliburton, and well testing by SLB (Schlumberger).

The project marks another key phase in OMV Petrom and NewMed's efforts to discover new energy resources in the region and is in line with Bulgaria's broader goals of diversifying its energy sources and enhancing regional energy security.

Christian Hubaty, member of the Executive Board of OMV Petrom, emphasized that this is "an important milestone in the company's exploration program in Bulgaria." He noted the commitment to "investing in the region's energy potential" and cooperation with local institutions.

On behalf of NewMed Energy, CEO Yossi Abu commented that the company sees real potential in the project and remains committed to its further development.

Khan Asparuh Block

The Khan Asparuh exploration block is located in the western part of Bulgaria's exclusive economic zone in the Black Sea, south of Romania's Neptun Deep block. It covers an area of 13,712 square kilometers, with water depths reaching 2,000 meters. Since 2012, geological and geophysical surveys have been carried out in the area, as well as three wells. In 2020, an extensive 3D seismic campaign was completed to refine the target areas.

The project has the potential to contribute significantly to the energy sustainability of the country and the region at a time of high uncertainty and demand for new gas sources.

Translated with DeepL.