OMV Petrom acquires stake in Bulgarian offshore project

1 September 2020 (Last Updated September 1st, 2020 15:49)

OMV Petrom has announced that it completed the acquisition of OMV Offshore Bulgaria, including its 42.9% stake in Han-Asparuh exploration block in Bulgaria from OMV Exploration & Production.

OMV Petrom acquires stake in Bulgarian offshore project
OMV Petrom first announced its plan to enter the offshore block back in December last year. Credit: arbyreed.

OMV Petrom has announced that it completed the acquisition of OMV Offshore Bulgaria, including its 42.9% stake in Han-Asparuh exploration block in Bulgaria from OMV Exploration & Production.

The company entered the Han-Asparuh exploration block in the Black Sea offshore Bulgaria.

OMV Petrom first announced its plan to enter the offshore block back in December last year.

Following Repsol’s exit from the block, the Bulgarian regulator approved the allocation of the former’s 30% participating interest to the remaining two partners.

OMV Petrom’s share in the offshore block, via OMV Offshore Bulgaria, is now 42.86%, while French energy firm Total owns the remaining 57.14% in the block and serves as operator of it.

OMV Petrom Upstream executive board member Peter Zeilinger said: “This acquisition is an important step in our strategy to expand our Upstream operations in the region.

“OMV Petrom has been active in the Black Sea for over four decades as operator and has gained valuable deepwater experience as non-operator in the adjacent Neptun Deep license in Romania”.

Han-Asparuh is located in the western Black Sea in Bulgaria. It has an area of 13,819km² and is situated in water depths of about 2,000m.

Exploration at the block commenced in 2012 and these activities included geological and geophysical surveys, as well as the drilling of three exploration wells.

In May last year, OMV Petrom began decommissioning the Gloria offshore platform, which has reached the end of its lifetime limit following four decades of service.

In August 2018, OMV Petrom commenced production from the LVO7 well offshore Romania, which has been drilled at the Lebada Vest field.