BEH will pay its proportional share (10%) of costs for drilling preparations and operations.
In the new partnership structure, OMV Petrom remains operator with a 45% stake, NewMed Energy holds 45%, and BEH holds 10%. Exploration drilling started in December 2025 and is ongoing, with the drilling vessel Noble Globetrotter I contracted to drill two exploration wells.
“This partnership reflects a shared commitment to unlocking the Black Sea’s potential as a reliable regional energy source in a safe manner,” said Cristian Hubati, Member of OMV Petrom’s Executive Board, responsible for Exploration and Production.
“Our participation into Han Asparuh extends our deepwater portfolio and strengthens regional collaboration in the Eastern Mediterranean and Black Sea,” said Yossi Abu, CEO NewMed Energy.
“By joining the joint venture, Bulgaria takes an active role in exploring its offshore resources and enhancing national energy security. Moreover, such projects can make a contribution to the economy,” said Valentin Nikolov, CEO of BEH.
A study by EY, commissioned by OMV Petrom and NewMed Energy, shows that unlocking the natural gas potential in the Bulgarian Black Sea could generate benefits for the country’s economy and energy security. According to the analysis, every EUR1 billion invested in offshore projects could deliver up to EUR5.2 billion in GDP and EUR1.5 billion in state revenues.
Han Asparuh is an exploration block located in the Western Black Sea in Bulgaria, South of the Neptun block in Romania and covers an area of 13,712 km² with water depths slightly below 2,000 meters. 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 has over 40 years of experience in oil and gas production in the Black Sea. In the Romanian sector, it operates several blocks, producing oil and gas in the shallow waters. In deep waters, OMV Petrom, in partnership with Romgaz, is developing the Neptun Deep project, with estimated volumes of 100 billion cubic meters of gas. First gas production from Neptun Deep is expected in 2027.
OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 40 million barrels of oil equivalent (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.