NewMed Vitality LP and OMV Petrom SA have agreed to drill one other prospect within the Han Asparuh block on Bulgaria’s aspect of the Black Sea, after approving their first as new companions in March.
They count on to start out drilling the Krum-1 properly after the completion of Vinekh-1. Krum-1 sits about 130 kilometers (80.78 miles) east of the coast whereas Vinekh-1 is round 30 kilometers farther.
Krum-1 has a complete water depth of three,540 meters (11,614.17 ft) and a water depth of 1,760 meters. Drilling goals to show pure fuel in two Pliocene-Miocene layers.
- Advertisement -
NewMed Vitality, a fuel and condensate exploration and manufacturing firm owned by Israel’s Delek Group, entered the block when it acquired a 50 % stake earlier this yr.
The leasehold, additionally referred to as Block 1-21, spans about 13,712 sq. kilometers (5,294.23 sq. miles) in Bulgaria’s unique financial zone, in response to OMV Petrom.
“This collaboration permits each events to share the dangers and prices related to the undertaking, 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 deal.
Earlier than NewMed Vitality’s, three exploration wells had already been drilled, with geological and geophysical surveys additionally performed together with a 3D marketing campaign accomplished Could 2020, in response to OMV Petrom.
The funding from NewMed Vitality bears “a big a part of the prices of the exploration and appraisal operations”, OMV Petrom stated.
“Given its proximity to Romania and geological similarities, Bulgaria is a pure extension of our offshore actions”, stated Cristian Hubati, OMV Petrom board member chargeable for exploration and manufacturing.
“Advancing exploration actions in Bulgaria has the potential to assist 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 below 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 from OMV Exploration & Manufacturing GmbH.
Final yr Bulgaria’s Vitality Ministry prolonged the license for 23 months to October 2026 as a consequence of drive majeure. “The drive majeure masking 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 undertaking”, it stated in an internet assertion June 27, 2024.
To contact the writer, e mail jov.onsat@rigzone.com
What do you suppose? We’d love to listen to from you, be a part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all vitality professionals to Communicate Up about our trade, share data, join with friends and trade insiders and interact in knowledgeable group that can empower your profession in vitality.
