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Published March 12, 2025

OMV Petrom closes transaction with NewMed Energy to advance exploration in Bulgaria's Han Asparuh offshore block

  • Partners aim to start exploration drilling in 2025

OMV Petrom, the largest integrated energy producer in Southeastern Europe, announces the closing of the farm-down transaction between its subsidiary OMV Offshore Bulgaria and NewMed Energy Balkan, a subsidiary of NewMed Energy. NewMed Energy is Israel’s leading energy partnership in the exploration, development, production and sale of natural gas and condensate. After closing of the transaction, the two partners hold equal stakes in the project – each 50%, with OMV Petrom (through OMV Offshore Bulgaria) as operator of the project. The transfer of the stake to NewMed Energy Balkan has been approved by the Bulgarian Council of Ministers.

This collaboration allows both parties to share the risks and costs associated with the project, thereby facilitating the advancement of exploration efforts.

Cristian Hubati, member of the OMV Petrom Executive Board, responsible for Exploration and Production: "Access to local resources is essential for energy security, and through the upcoming exploration activities we are opening new perspectives in the Bulgarian Black Sea area. It is a complex process, with high investments and we count on the support of all stakeholders to progress with the exploration according to our ambitious schedule. We are pleased to welcome NewMed Energy into the project; their extensive experience in the energy sector will enhance our capabilities and contribute to the project’s success".

The partners aim to start the drilling of an exploration well in 2025, subject to obtaining all the necessary permits. Based on the well’s results, additional drilling will be assessed.

Yossi Abu, CEO of NewMed Energy: "We believe in the potential of operations in Bulgaria, due to probability of discovery and proximity to key markets – especially in light of rising global demand for natural gas and the need for a reliable and diversified supply.

We are pleased to collaborate with OMV Petrom, a company with a proven track record in the region, and we are committed to moving forward swiftly along the defined milestones".

Han Asparuh

Han Asparuh is an exploration block located in the western Black Sea in Bulgaria, south of the Neptun Deep block in Romania and has an area of 13,712 km² with water depths slightly below 2,000 m. Exploration activities started in 2012 and included geological and geophysical surveys and the drilling of three exploration wells. An extensive 3D seismic campaign was finalized in May 2020 to identify potential drilling targets.

OMV Petrom in the Black Sea

OMV Petrom has over 40 years of experience in oil and gas production in the Black Sea. In the Romanian sector, it operates several blocks, producing oil and gas in the shallow waters. In deepwater, OMV Petrom, in partnership with Romgaz, is developing the Neptun Deep project, with estimated volumes of 100 billion cubic meters of gas. First gas production from Neptun Deep is expected in 2027. More details about Neptun Deep here.  

About OMV Petrom  

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 40 million boe in 2024. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. The Group is present on the oil products retail market in Romania and neighbouring countries through approximately 780 filling stations under two brands – OMV and Petrom.

OMV Petrom is a company in which, as of end-2024, Romanian shareholders hold over 43% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 22.5% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 5.6% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange.

OMV Petrom is one of the largest contributors to the state budget, with around 44 billion euro in taxes and dividends paid between 2005 and 2024. During the same period, the company invested approximately 20 billion euro.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2024, the company has allocated around 190 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change. OMV Petrom annually reports on the progress made in implementing these recommendations.