This milestone marks a significant step forward in the two companies’ strategic efforts to unlock new energy resources in the region, reads a report submitted to the Bucharest Stock Exchange.
The contract was awarded to Noble Corporation, a globally recognized offshore drilling contractor. The selected drillship, Globetrotter I, is a state-of-the-art ultra-deepwater drillship, designed for efficient offshore drilling operations.
“We are excited to move forward with this important phase of our exploration program in Bulgaria,” said Cristian Hubati, member of OMV Petrom Executive Board, responsible for Exploration and Production. “This contract underscores our commitment to investing in the region’s energy potential and to working closely with local authorities and stakeholders to ensure safe, efficient, and environmentally responsible operations.”
The two wells will be drilled on the Han-Asparuh Block. The drilling campaign is expected to start in the fourth quarter of this year and last approximately four months. The value of the rig contract is approximately $80 million.
The integrated drilling services will be provided by Halliburton and the well testing services will be provided by SLB.
“We are excited about the opportunities NewMed has in Bulgaria alongside our partners and remain committed to advancing drilling operations in the license we hold together with OMV Petrom. The agreement announced today brings us one step closer to unlocking the potential we see in this license,” stated Yossi Abu, CEO of NewMed Energy.
Total drilling budget is expected at approximately EUR170 million.
This initiative aligns with Bulgaria’s broader energy diversification goals and has the potential to contribute significantly to regional energy security.
OMV Petrom for Q1/2025 reported sales worth RON9 billion, up 5% from the same period of 2024, and RON1 billion net profit, down 24%.
The company has a RON48 billion capitalization, after its shares have dropped by 1% in the past 12 months.
(English version by Catalina Apostoiu)