Bulgaria Takes 10% Stake in Black Sea Oil and Gas Exploration with OMV and NewMed
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Bulgaria is set to take an active role in oil and gas exploration in the Black Sea, joining forces with international energy companies OMV and NewMed, outgoing Energy Minister Zhecho Stankov announced. For the first time in recent history, the Bulgarian state will not limit itself to collecting concession fees, but will hold a direct stake in the exploration projects. The government’s share will amount to 10 percent.
Under the agreement, Bulgaria will not bear any costs for the three drillings already completed in the deep Black Sea. Instead, the state will invest alongside OMV and NewMed in two new drilling operations, the first of which has already commenced. Stankov stressed that this collaboration marks a significant step toward securing the country’s natural gas supplies.
To oversee these initiatives, an additional directorate will be established within the Bulgarian Energy Holding (BEH), dedicated exclusively to managing the search and exploration activities in the Black Sea. The minister described the decision as a long-awaited milestone that strengthens Bulgaria’s energy independence and strategic positioning in the region.
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