site.btaOMV's Exploration Permit for Block-1-21 Khan Asparuh Extended by Two Years

Caretaker Energy Minister Vladimir Malinov and Rob Dobbins, of OMV Romania's OMV Petrom, a subsidiary of Austria's OMV, signed an additional agreement extending an exploration permit by 23 months due to force majeure, said the Energy Ministry on Thursday. The force majeure, which covers the period February 24, 2022 - January 24, 2024, is explained by the war in Ukraine and the withdrawal of TotalEnergies EP Bulgaria B.V. from the project.

"I rely on the commitments made by OMV for the implementation of the search and exploration in the Khan Asparuh block within the set deadlines," Minister Malinov said. He expressed confidence that a company with OMV's experience will achieve good results. "The successful completion of the exploration and prospecting works in the block will significantly contribute to ensuring energy security and increasing competitiveness for Bulgarian domestic and industrial consumers as well as for the region," he stressed.

During the meeting, Romanian Ambassador here Brandusa Ioana Predescu, thanked the Bulgarian government for the actions taken to extend the search and exploration period in the Black Sea. In her words, the interest of Bulgaria and Romania is common and the benefits will be indisputable.

In accordance with a Council of Ministers decision of May 9 2024, an annex to the prospecting and exploration contract was signed at the Ministry of Energy, whereby TotalEnergies EP Bulgaria B.V. transferred its 57.14% share of the rights and obligations under the permit to OMV Offshore Bulgaria GmbH - Austria. Following the transfer, OMV Offshore Bulgaria GmbH - Austria now has a 100% stake in the project. Block 1-21 Khan Asparuh is located in the exclusive economic zone of Bulgaria in the Black Sea.