Thursday, September 24, 2020
Home Oil & Gas OMV Petrom expands Upstream operations entering the Han-Asparuh exploration block

OMV Petrom expands Upstream operations entering the Han-Asparuh exploration block

OMV Petrom, the largest energy company in Southeastern Europe, completed the transaction for the acquisition of 100 per cent of the shares in OMV Offshore Bulgaria from OMV Exploration & Production, thus entering the Han-Asparuh exploration block in Bulgaria.

Following the exit of fossil fuel company Repsol, the Bulgarian regulator approved the allocation of Repsol’s 30 per cent participating interest to the remaining two partners.
OMV Petrom’s share in the block is now 42.86 per cent, alongside Total (57.14 per cent) being the operator.

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

The Han-Asparuh exploration block is located in the western Black Sea in Bulgaria, south of the Neptun Deep Block in Romania. Exploration activities started in 2012 and included geological and geophysical surveys and the drilling of three exploration wells. An extensive 3D seismic campaign was finalised earlier in May and, based on the results, future exploration activities will be undertaken by the joint venture.

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