OMV Petrom completes deal for the acquisition of OMV Offshore Bulgaria, enters Han-Asparuh offshore exploration block in Bulgaria

OMV Petrom, the largest energy company in Southeastern Europe, completed the transaction for the acquisition of 100% of the shares in OMV Offshore Bulgaria GmbH from OMV Exploration & Production GmbH and enters the Han-Asparuh exploration block in Bulgaria.

Following Repsol’s exit, the Bulgarian regulator approved the allocation of Repsol’s 30% participating interest to the remaining two partners. Thus, OMV Petrom’s share in the block, via OMV Offshore Bulgaria GmbH, is now 42.86%, alongside Total (57.14%) being the operator.

“This acquisition is an important step in our strategy to expand our Upstream operations in the region. OMV Petrom has been active in the Black Sea for over four decades as operator and has gained valuable deep water experience as non-operator in the adjacent Neptun Deep license in Romania,” said Peter Zeilinger, member of OMV Petrom Executive Board, responsible for Upstream.

In 2012, the Bulgarian Government awarded the Han-Asparuh exploration block to the consortium of OMV (30%), Total (40%) and Repsol (30%). Han-Asparuh is located in the western Black Sea in Bulgaria, south of the Neptun Deep Block in Romania and has an area of 13,819 km² with maximum water depths of over 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 covering 5,614 km². The seismic data are currently being processed, and, based on the results, future exploration activities will be undertaken by the joint venture.