NewMed Vitality LP has accomplished the acquisition of a 50 p.c stake within the Han Asparuh block on Bulgaria’s aspect of the Black Sea from OMV Petrom SA.
“With the closing of the transaction, NewMed Balkan now holds 50 p.c of the pursuits within the Bulgaria License”, NewMed Vitality, a gasoline and condensate exploration and manufacturing firm owned by Israel’s Delek Group, confirmed in a regulatory submitting. OMV Offshore Bulgaria GmbH, a subsidiary of Austrian-Romanian firm OMV Petrom, holds the remaining 50 p.c as operator.
Cristian Hubati, OMV Petrom board member accountable for exploration and manufacturing, stated in a separate assertion by the corporate, “Entry to native sources is important for vitality safety, and thru the upcoming exploration actions we’re opening new views within the Bulgarian Black Sea space”.
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The companions anticipate to begin drilling a brand new exploration effectively this 12 months, OMV Petrom stated.
The leasehold, 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 OMV Petrom.
“This collaboration permits each events to share the dangers and prices related to the mission, thereby facilitating the development of exploration efforts”, OMV Petrom, an built-in vitality firm with investments from Austria’s state-backed OMV AG and the Romanian authorities, stated November 28, 2024, asserting the farm-down settlement.
NewMed Vitality stated individually on the time it had agreed to spend as much as EUR 100 million ($108.71 million) on two wells within the block, if the farm-out is accomplished.
NewMed Vitality’s preliminary funding consists of EUR 50 million for the following exploration effectively to be drilled within the block’s Vinekh prospect. This effectively could be adopted by one other drilling on both an exploration effectively in one other prospect or an appraisal effectively in Vinekh within the case of discovery on this prospect. NewMed Vitality has agreed to take a position an additional EUR 50 million within the second effectively.
Up to now three exploration wells have been drilled, with geological and geophysical surveys additionally performed together with a 3D marketing campaign accomplished Might 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”, stated OMV Petrom.
“Given its proximity to Romania and geological similarities, Bulgaria is a pure extension of our offshore actions”, stated Hubati.
“Advancing exploration actions in Bulgaria has the potential to help the safety of vitality provide in Bulgaria and the area”.
NewMed Vitality stated, “The time period of the concession for extraction is 35 years with an possibility for extension by 15 further years beneath sure situations”.
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 turned a associate within the license, which has been prolonged a number of occasions, in 2020 when it acquired OMV Offshore Bulgaria from OMV Exploration & Manufacturing GmbH.
Final 12 months Bulgaria’s Vitality Ministry prolonged the license for 23 months to October 2026 as a result of pressure majeure. “The pressure majeure protecting the interval from 24 February 2022 to 24 January 2024 is motivated on the grounds of the battle in Ukraine and the withdrawal of ‘Whole Energies EP Bulgaria’ B.V. from the mission”, it stated in a web based assertion June 27, 2024.
To contact the writer, e mail jov.onsat@rigzone.com
