OMV Petrom, the largest integrated energy producer in Southeastern Europe, announced a strategic partnership with NewMed Energy Balkan, a subsidiary of NewMed Energy, to advance exploration efforts in the Han Asparuh offshore block in Bulgaria.\u00a0<\/p>\n
NewMed Energy is Israel’s leading energy partnership in the exploration, development, production, and sale of natural gas and condensate.\u00a0<\/p>\n
The parties have signed an agreement through which OMV Petrom will transfer 50% of the interest in the project to NewMed Energy Balkan while maintaining its role as operator. In exchange, NewMed Energy will bear a significant part of the costs of the exploration and appraisal operations.<\/p>\n
The closing of the transaction is expected to take place in the first half of 2025 after the fulfillment of several commercial conditions and approval of the relevant Bulgarian authorities.<\/p>\n
The exploration in Bulgaria’s Han Asparuh offshore block is extremely important for ensuring energy security in Bulgaria and the region.<\/p>\n
This collaboration allows both parties to share the risks and costs associated with the project, thereby facilitating the advancement of exploration efforts.<\/p>\n