Strategic acquisition in the Black Sea
OMV Petrom, Romania's leading Oil and Gas company, has completed the acquisition of the remaining 57.14% stake in the Han Asparuh offshore block in Bulgaria from TotalEnergies. This crucial move allows OMV Petrom to become the sole operator of this significant exploration perimeter, enhancing its upstream operations in the Black Sea.
Enhancing Gas production potential
The Han Asparuh block, located in the western Black Sea near the Romanian border, holds an estimated potential to produce up to 13 billion cubic meters (bcm) of Natural Gas annually. This acquisition is expected to significantly boost the Energy output from the Black Sea region, complementing OMV Petrom's operations in the nearby Neptun Deep block, which is projected to produce 8 bcm per year.
Government approval and future prospects
The Bulgarian government has approved the transfer, ensuring a smooth transition and continuity in the exploration activities. The exploration permit for the Han Asparuh block has also been extended, securing future development plans. OMV Petrom's commitment to leveraging its deepwater expertise gained from the Neptun Deep project will be crucial in maximizing the productivity of Han Asparuh.
Projected output from key fields
According to estimates, the Vinekh field, situated near Turkish waters, is expected to produce approximately 5 bcm of Natural Gas annually from 2030 to 2040, and 3 bcm per year in the subsequent decade. Similarly, the Krum field is anticipated to yield around 8 bcm annually between 2031 and 2044, tapering to 4 bcm per year by 2050. These projections highlight the significant long-term potential of the Han Asparuh block.
Implications for regional Energy security
OMV Petrom’s expansion in the Black Sea is a pivotal development for regional Energy security. By consolidating its presence and operations, OMV Petrom not only strengthens its portfolio but also contributes to meeting Europe’s growing Energy demands. The enhanced Gas output from Han Asparuh will play a critical role in bolstering the Energy supply for Bulgaria and the broader Balkans region.
Looking ahead
OMV Petrom's acquisition of the Han Asparuh offshore block marks a milestone in its expansion in the Black Sea. With the potential to significantly boost Natural Gas production, this development is set to enhance Energy security and supply in the Balkans, underlining OMV Petrom’s role as a key player in the regional Energy landscape.
