NewMed Power LP and OMV Petrom SA have consummated the sale of 10 p.c within the Han Asparuh exploration block on Bulgaria’s facet of the Black Sea to state-owned Bulgarian Power Holding EAD (BEH) in compliance with a authorities order.
The Bulgarian parliament had directed the Power Ministry to barter the switch of as much as 20 p.c of the license to a government-owned company, in line with NewMed Power. Operator OMV Petrom, an built-in power firm with investments from Austria’s state-backed OMV AG and the Romanian authorities, and 50-50 co-venturer NewMed Power, an Israeli pure gas-focused explorer and producer, agreed to promote 5 p.c every to BEH.
“All the situations precedent had been happy and the transaction was closed”, NewMed Power LP mentioned in a short inventory submitting.
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In its earlier announcement of the sale settlement, NewMed Power mentioned the three corporations agreed to work with authorities “in reference to amendments to the ordinance for figuring out the concession royalty funds for the manufacturing of underground assets and extension of the interval of the appraisal drillings within the venture to 2 years in lieu of 1 yr”.
As a part of the modification course of, the Bulgarian Power Ministry launched final month a draft of latest laws for figuring out royalty funds, “that are decided by multiplying the financial worth of annual manufacturing by the royalty charge payable to the federal government”, NewMed Power mentioned.
“It’s additional proposed to determine within the draft laws a minimal annual royalty cost obligation”, NewMed Power added.
BEH has agreed to pay OMV Petrom and NewMed Power its proportionate share of the price of drilling preparations that the 2 had already undertaken, NewMed Power mentioned.
Han Asparuh has a two-well marketing campaign costing round EUR 170 million ($201.26 million), in line with OMV Petrom. In an internet replace December 15, 2025 it mentioned drilling for the primary of the 2, Vinekh-1, was anticipated to start out by the tip of 2025.
The marketing campaign – together with the second nicely, Krum-1 – is anticipated to take 4 months, in line with an internet assertion by OMV Petrom on July 22, 2025 asserting the award of the drillship contract to Noble Corp.
Exploration within the block began 2012. Three wells have been drilled since in Han Asparuh, which sits south of the Neptun Deep gasoline venture on the Romanian a part of the Black Sea, in line with OMV Petrom. OMV Petrom is creating Neptun Deep as operator with a 50 p.c stake, the opposite half owned by Romania’s majority state-owned SNGN Romgaz SA.
To contact the creator, electronic mail jov.onsat@rigzone.com
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