OMV Petrom and NewMed start a new phase in the exploration of the "Khan Asparuh" block in the Black Sea

The progress in geological and exploration activities in the "Khan Asparuh" block was announced in a press release by OMV Petrom, the largest integrated energy producer in Southeast Europe and operator of the shelf block "Khan Asparuh", together with the partner NewMed Energy.

"We are pleased to start exploratory drilling in Bulgaria – this is an important stage that strengthens our presence in the Black Sea. The simultaneous work of two platforms – one in Bulgaria and one off the coast of Romania – is a remarkable achievement for our team. This project complements our current operations and underlines our commitment to strengthening energy security in the region," said OMV Petrom CEO Christina Verchere in the announcement.

The drilling ship "Globetrotter I" of Noble Corporation has already arrived in Bulgarian waters. The first exploration hole, Vineh-1, is located about 200 km east of Varna at a water depth of just under 2000 meters, and the final preparations for the start of drilling are currently underway by the end of the year.

"We believe in the potential of the Black Sea for the entire region and together with our partners from NewMed Energy we strive to invest in its exploration. This is an important moment that reflects our experience as an operator of deep-water deposits in the Black Sea region. The upcoming campaign includes two drilling holes and is expected to amount to around 170 million euros. Modern technologies and the highest safety standards are at the heart of our activity," commented Cristian Hubati, a member of the OMV Petrom executive board in charge of "Development and Production".

"The beginning of this drilling campaign is an important step for our partnership and the development of energy resources in the region. The "Khan Asparuh" block has significant potential and opens new opportunities for Bulgaria. At the same time, this is a key move towards expanding our activities in Southeast Europe," said NewMed Energy CEO Yossi Abu.

The geological and exploration campaign envisages the drilling of two holes with a total budget of approximately 170 million euros. Halliburton will provide integrated drilling services, and SLB will be responsible for well testing. The entire campaign is expected to last about five months, during which the planned activities for the two holes in the block will be carried out.

"Khan Asparuh" is an exploration block located in the western part of the Black Sea, in the Bulgarian exclusive economic zone, south of the Romanian block "Neptun Deep", with an area of 13,712 sq. km and water depths of just under 2000 m. Exploration activities began in 2012 and include geological and geophysical surveys, as well as the drilling of three exploration wells. In May 2020, a large-scale 3D seismic campaign was completed, aimed at identifying potential targets for future drilling.