NewMed Energy is Israel’s leading energy partnership in the exploration, development, production and sale of natural gas and condensate. After closing of the transaction, the two partners hold equal stakes in the project – each 50%, with OMV Petrom (through OMV Offshore Bulgaria) as operator of the project. The transfer of the stake to NewMed Energy Balkan has been approved by the Bulgarian Council of Ministers. This collaboration allows both parties to share the risks and costs associated with the project, thereby facilitating the advancement of exploration efforts.
“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,” stated Cristian Hubati, member of the OMV Petrom Executive Board, responsible for Exploration and Production.
The partners aim to start the drilling of an exploration well in 2025, subject to obtaining all the necessary permits. Based on the well’s results, additional drilling will be assessed.
“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, CEO of NewMed Energy.
Han Asparuh is an exploration block located in the western Black Sea in Bulgaria, south of the Neptun Deep block in Romania and has an area of 13,712 km² 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.
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 neighboring countries through approximately 780 filling stations under two brands – OMV and Petrom.
OMV Petrom ended 2024 with RON35.8 billion sales, down 8% from 2023, while net profit climbed by 4% to RON4.2 billion, largely amid the elimination of the tax on refined crude oil.
Petrom shares have traded 4% higher so far in 2025 and 16% higher over the last 12 months, triggering a market value of RON43 billion. Its main shareholders – Austria’s OMV Group and the Romanian State – hold stakes of 51% and 21%, respectively.