OMV Petrom, NewMed Energy to advance exploration in Bulgaria’s Han Asparuh offshore block

OMV Petrom closed a farm-down transaction between its subsidiary OMV Offshore Bulgaria and NewMed Energy Balkan, a subsidiary of NewMed Energy. NewMed Energy is Israel’s leading energy partnership in the exploration, development, production and sale of natural gas and condensate.

The two partners will now hold equal stakes in the project – each 50%, with OMV Petrom as operator of the project. The transfer of the stake to NewMed Energy Balkan has been approved by the Bulgarian Council of Ministers.