Trio picks up new production sharing contract in P...
2 hours ago
OMV Offshore Bulgaria, an affiliate of Southeastern Europe’s integrated energy player OMV Petrom, NewMed Energy Balkan, a subsidiary of Israel’s NewMed Energy, and Bulgarian Energy Holding EA have drilled a second exploration well in the Black Sea off the coast of Bulgaria.
The partners have finished the drilling activities at the Krum‑1 exploration well, the second exploration well drilled in the Han Asparuh Block offshore Bulgaria. These drilling operations started in February 2026, following the completion of the Vinekh well with Noble Corporation’s Globetrotter I drillship, which arrived in the country in 2025.
The Krum‑1 well has now reached a planned depth of approximately 3,500 meters, but did not encounter “significant” gas volumes, according to OMV Petrom. The data gathered by the two exploration wells drilled since December 2025 is expected to contribute to advancing the geological understanding of the region.
Cristian Hubati, Member of OMV Petrom Executive Board, responsible for Exploration and Production, commented: „We remain committed to our exploration strategy and continue to pursue opportunities in the Bulgarian offshore, recognising the significant potential of the Black Sea basin.
“We recently signed a farm-in agreement for the exploration of the Han Tervel block together with Shell and TPAO, and we look forward to a successful collaboration.”
As exploration in the deep Black Sea is still at an early stage, the company claims that each well contributes valuable insights into the basin’s subsurface characteristics and its future potential.
NewMed also confirmed that non-significant signs of natural gas were discovered in the target layers. As a result, the well is considered to be a dry hole. The partners in this Bulgaria license are NewMed Energy Balkan (45%), OMV Offshore Bulgaria (45%, operator), and Bulgarian Energy Holding EA (10%).
The partnership is currently examining the total drilling costs, including abandonment costs, and expects to recognize such amount as a loss related to the drilling operation in its financial statements for the first quarter of 2026.
Take the spotlight and anchor your brand in the heart of the offshore world!
Join us for a bigger impact and amplify your presence at the core hub of the offshore energy community!