Unlocking the potential of natural gas in the Bulgarian part of the Black Sea is emerging as a significant opportunity for the country's economic development and energy security. This conclusion is the leading one in a study prepared by EY, commissioned by "OMV Petrom" (OMV Petrom) and "NewMed Energy" (NewMed Energy), which has reached the BTA editorial office.
According to the analysis, the presented data show that every investment in offshore projects worth 1 billion euros can generate up to 5.2 billion euros of contribution to GDP and an impressive 1.5 billion euros in revenue for the state.
The study emphasizes Bulgaria's dependence on natural gas imports, as local production cannot meet all consumption. The report highlights the strategic importance of resources in the Black Sea for securing approximately 2.7 billion cubic meters of annual consumption. Against the backdrop of recent discoveries and ongoing developments in neighboring countries like Romania and Turkey, the arguments in favor of the untapped potential of the Black Sea become even more compelling. The Black Sea is emerging as a valuable source of natural gas for the entire region, the analysis concludes.
"The Black Sea has significant potential for Romania, Bulgaria, and the entire region.", notes Cristi Hubati, a member of the Executive Board of "OMV Petrom", responsible for exploration and production. "To realize this potential, risky investments are needed at the exploration stage and additional capital for development - investments worth billions of euros. Therefore, investors need a stable and predictable regulatory framework," he emphasizes in the statement. The company is the operator of the "Khan Asparuh" block."OMV Petrom" and "NewMed Energy" are in the process of progressing with exploration activities in the "Khan Asparuh" block. The two companies have recently secured a drilling ship, with the start of drilling activities expected in the fourth quarter of this year, the company announced.
The "Khan Asparuh" block is an exploration block located in the western part of the Black Sea in Bulgaria, south of the "Neptun Deep" block in Romania. It covers an area of 13,712 square kilometers, and the water depth exceeds 2,000 meters. Exploration activities began in 2012 and include geological and geophysical surveys, as well as the drilling of three exploration wells. In May 2020, an extensive 3D seismic campaign was completed to identify potential drilling targets.
"OMV Petrom" can boast over 40 years of experience in oil and gas production in the Black Sea. In the Romanian sector, the company operates several blocks, where it produces oil and gas in shallow waters. In the deep-water areas, in partnership with "Romgaz", "OMV Petrom" is developing the "Neptun Deep" block, whose projected volumes reach 100 billion cubic meters of gas. The first gas production from "Neptun Deep" is expected in 2027.