NewMed Vitality LP has signed an settlement to purchase a 50 % stake within the Han Asparuh block, positioned on Bulgaria’s aspect of the Black Sea, from OMV Petrom SA.
The block, additionally known as Block 1-21, spans about 13,712 sq. kilometers (5,294.23 sq. miles) with water depths of just under 2,000 meters (6,561.68 ft) within the nation’s unique financial zone, in accordance with 100% proprietor OMV Petrom.
“This collaboration permits each events to share the dangers and prices related to the challenge, thereby facilitating the development of exploration efforts”, OMV Petrom, an built-in power firm with investments from Austria’s state-backed OMV AG and the Romanian authorities, mentioned in a web based assertion.
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NewMed Vitality, a gasoline and condensate exploration and manufacturing firm owned by Israel’s Delek Group, mentioned individually it has agreed to spend as much as EUR 100 million ($105.32 million) on two wells within the block, if the farm-out is accomplished.
NewMed Vitality’s preliminary funding consists of EUR 50 million ($52.66 million) for the subsequent exploration nicely to be drilled within the block’s Vinekh prospect. This nicely can be adopted by one other drilling on both an exploration nicely in one other prospect or an appraisal nicely in Vinekh within the case of discovery on this prospect. NewMed Vitality has agreed to take a position an extra EUR 50 million within the second nicely.
Up to now three exploration wells have been drilled, with geological and geophysical surveys additionally carried out together with a 3D marketing campaign accomplished Could 2020, in accordance with OMV Petrom.
The investments from NewMed Vitality bear “a big a part of the prices of the exploration and appraisal operations”, mentioned OMV Petrom, which can stay operator.
“Given its proximity to Romania and geological similarities, Bulgaria is a pure extension of our offshore actions”, mentioned Cristian Hubati, member of the OMV Petrom government board.
“Advancing exploration actions in Bulgaria has the potential to help the safety of power provide in Bulgaria and the area”.
NewMed Vitality famous, “The time period of the concession for extraction is 35 years with an choice for extension by 15 further years underneath sure circumstances”.
The federal government granted the lease August 2012 to a consortium of France’s Whole as operator, Spain’s Repsol and OMV. Repsol exited the three way partnership 2019, adopted by Whole, now TotalEnergies, in 2022.
OMV Petrom grew to become a companion within the license, which has been prolonged a number of occasions, in 2020 when it acquired OMV Offshore Bulgaria GmbH from OMV Exploration & Manufacturing GmbH.
Earlier this yr, Bulgaria’s Vitality Ministry prolonged the license for 23 months to October 2026 as a consequence of pressure majeure. “The pressure majeure protecting the interval from 24 February 2022 to 24 January 2024 is motivated on the grounds of the conflict in Ukraine and the withdrawal of ‘Whole Energies EP Bulgaria’ B.V. from the challenge”, it mentioned in a web based assertion June 27, 2024.
To contact the creator, electronic mail jov.onsat@rigzone.com
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