Southeastern Europe’s OMV Petrom and NewMed Energy Balkan to Drill Exploration Well in Bulgarian Black Sea

OMV Petrom, a key player in Southeastern Europe’s energy sector, has partnered with NewMed Energy Balkan, a subsidiary of Israel’s NewMed Energy, to drill an exploration well in the Bulgarian sector of the Black Sea. The decision to drill the Vinekh-1 exploration well in the Vinekh prospect in Block 1-21 (Han Asparuh) within Bulgaria’s Exclusive Economic Zone (EEZ) marks a significant step for both companies.

The partners plan to drill the well approximately 160 kilometers offshore to assess the presence of hydrocarbons in the Vinekh prospect and determine the size, quality, and content of the reservoir. The drilling is scheduled to commence in Q4 2025 and is expected to last for approximately two months.

The exploration well will target the presence of natural gas in three layers dating back to the Pliocene-Miocene age. With a planned depth of 3,250 meters and a water depth of around 1,900 meters, the total drilling budget is estimated to be around €89 million. However, the drilling is subject to receiving necessary approvals from the Bulgarian government and finalizing agreements for related services.

NewMed Energy expressed its interest in farming into the block in November 2024 and officially became a 50% partner in the project earlier this month. The Han Asparuh block, situated in the western Black Sea in Bulgaria, covers an area of 13,712 square kilometers with water depths slightly below 2,000 meters.

Meanwhile, OMV Petrom recently initiated drilling activities at the Neptun Deep block in Romania, located south of the Han Asparuh block. The company began drilling the first gas production well using the Transocean Barents semi-submersible rig, further solidifying its presence in the region.