A new study by EY, commissioned by OMV Petrom and NewMed Energy, shows that unlocking the natural gas potential in the Bulgarian Black Sea could generate major benefits for the country’s economy and energy security.

According to the analysis, every EUR 1 billion invested and spent in offshore projects could deliver up to EUR 5.2 billion in GDP and EUR 1.5 billion in state revenues.
 
Bulgaria continues to rely significantly on natural gas imports, as domestic production currently plays a relatively small role in meeting demand. The report highlights the strategic importance of Black Sea gas in meeting Bulgaria’s annual demand of approximately 2.7 billion cubic meters.

Recent discoveries and ongoing developments in Romania, Bulgaria and Turkey strengthen the case for the Black Sea’s untapped resource potential, underscoring the Black Sea’s growing potential as a valuable source of natural gas for the region.
 
“The Black Sea holds significant promise for Romania, Bulgaria and the region. Unlocking this potential requires high-risk investments for the exploration period and further capital for development. Investments in the range of billions of euro. Therefore, investors need a stable and predictable framework”, said Cristi Hubati, member of OMV Petrom Executive Board, responsible for Exploration and Production. OMV Petrom is the operator of Han Asparuh block.
 
OMV Petrom and NewMed Energy advance exploration activity in the Han Asparuh block.
The two companies recently secured the drilling vessel, with drilling expected to start in the fourth quarter this year.
 
Han Asparuh  
Han Asparuh is an exploration block located in the western Black Sea in Bulgaria, south of the Neptun Deep block in Romania and has an area of 13,712 km² with water depths slightly below 2,000 m. Exploration activities started in 2012 and included geological and geophysical surveys and the drilling of three exploration wells. An extensive 3D seismic campaign was finalized in May 2020 to identify potential drilling targets.   
 
OMV Petrom in the Black Sea  
OMV Petrom has over 40 years of experience in oil and gas production in the Black Sea. In the Romanian sector, it operates several blocks, producing oil and gas in the shallow waters. In deepwater, OMV Petrom, in partnership with Romgaz, is developing the Neptun Deep project, with estimated volumes of 100 billion cubic meters of gas. First gas production from Neptun Deep is expected in 2027.

 

Source: Press release