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_ OMV Petrom partners with NewMed Energy to develop Han Asparuh offshore perimeter in Bulgaria

OMV Petrom partners with NewMed Energy to develop Han Asparuh offshore perimeter in Bulgaria

OMV Petrom, the largest integrated energy producer in Southeast Europe, has entered into a strategic partnership with NewMed Energy Balkan, a subsidiary of NewMed Energy, to advance exploration efforts in the Han Asparuh offshore perimeter in Bulgaria, according to a press release sent to AGERPRES.

NewMed Energy is Israel's leading joint venture in the exploration, development, production and sale of natural gas and condensate.

The parties signed an agreement whereby OMV Petrom will transfer to NewMed Energy Balkan a 50% stake in the project, while retaining its role as operator. In exchange, NewMed Energy will bear a significant part of the costs related to the exploration and evaluation operations. Completion of the transaction is estimated in the first half of 2025, after the fulfillment of certain commercial conditions and after approval by the relevant authorities in Bulgaria. This collaboration allows both parties to share the risks and costs associated with the project, thus facilitating the advancement of exploration efforts.

"With experience as an operator in the shallow and deep waters of the Black Sea, OMV Petrom brings extensive expertise to the region. Given its proximity to Romania and geological similarities, Bulgaria is a natural extension of our offshore activities. The progress of the offshore activities exploration in Bulgaria has the potential to support the security of energy supply both in Bulgaria and in the region", said Cristian Hubati, member of the OMV Petrom Directorate, responsible for Exploration and Production.

Han Asparuh is an exploration perimeter located in the west of the Black Sea in Bulgaria, south of the Neptun Deep perimeter in Romania and has an area of 13,712 square kilometers, with water depths just under 2,000 m. Exploration activities began in 2012 and included geological and geophysical studies and the drilling of three exploration wells. An extensive 3D seismic campaign was completed in May 2020 to identify potential drill targets.

OMV Petrom is the largest integrated energy producer in South-Eastern Europe, with an annual group oil and gas production of approximately 41 million boe in 2023. The group has a refining capacity of 4.5 million tonnes annually and operates a highly efficient natural gas power plant of 860 MW. On the retail oil products distribution market, the Group is present in Romania and neighboring countries through approximately 780 gas stations, under two brands - OMV and Petrom.

OMV Petrom is a company in which, at the end of 2023, Romanian shareholders own over 43% of the shares (of which the Romanian state, through the Ministry of Energy, owns 20.7%, and 22.5% are owned by Romanian pension funds, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, owns 51.2% of OMV Petrom's shares, and the remaining 5.6% is owned by other foreign investors. Of the total shares of OMV Petrom, 28.1% are freely traded on the Bucharest Stock Exchange.

(Fluierul)

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