site.btaEnergy Minister Expects OMV Petrom-NewMed Partnership to Accelerate Khan Asparuh Oil, Gas Exploration

At an official ceremony at the Ministry of Energy on Wednesday, Minister Zhecho Stankov signed a document with OMV Offshore Bulgaria General Manager Rob Dobbins and NewMed Energy Balkan CEO Yossi Abu to continue oil and gas exploration in Block 1-21 Khan Asparuh, the Energy Ministry said in a press release. The Block is located in Bulgaria's exclusive economic zone in the Black Sea. The two companies now each own a 50% share in the project, with OMV Petrom (through OMV Offshore Bulgaria) as its operator.

In February, the Government approved NewMed Energy Balkan's acquisition of a 50% interest in the exploration rights in the area.

During the ceremony at the Energy Ministry, Minister Stankov expressed his satisfaction with the cooperation between the two experienced international companies and welcomed their desire to start exploratory drilling this year. He stressed the importance of own production, which if successful would provide natural gas at the most affordable prices for Bulgaria. "I am counting on the best practices and new technologies applied to accelerate the activities and unlock the gas potential of the Block. Thus, they will promote Bulgaria's energy independence," he stressed. According to him, the development of local fields will also stimulate the attraction of more investors to the region and increase the competitiveness of the sector, as well as domestic and industrial consumers.

Dobbins, who is also head of International Relations and Assets at OMV Petrom, outlined the prospects for exploration activities in the Bulgarian block. 

Christian Hubati, Member of the Executive Board of OMV Petrom responsible for exploration and production, underscored that the upcoming activities open up new prospects in the Bulgarian part of the Black Sea.

On behalf of NewMed, the meeting was attended by Yitzhak Tshuva, controlling shareholder on behalf of Delek Group, Yossi Abu, CEO of NewMed, Gabi Last, Chairman of the General Partners' Board of NewMed, and Regional Manager Eviatar Arviv. Yossi Abu said: "We believe in the potential of operations in Bulgaria, both because of the high probability of discovery and the proximity to key markets - particularly in light of the growing global demand for natural gas and the need for reliable and diversified supplies. We are delighted to be collaborating with OMV Petrom, a company with a proven track record in the region, and we are committed to progressing quickly on the milestones identified."