first_imgLocated in the western Black Sea in Bulgaria, the Bulgaria Han-Asparuh block is situated in water depths of about 2,000m OMV Petrom owns 42.86% stake in the Han-Asparuh offshore block. (Credit: Keri Jackson from Pixabay) OMV’s Romanian subsidiary OMV Petrom has closed the acquisition of OMV Offshore Bulgaria, including its 42.9% stake in Han-Asparuh exploration block in Bulgaria, from OMV Exploration & Production.The move marks OMV Petrom’s entry into the Han-Asparuh exploration license offshore Bulgaria. Financial terms of the deal were undisclosed.Following Repsol’s exit from the block, the Bulgarian regulator approved the allocation of the former’s 30% participating interest to the remaining two partners.Total operates Han-Asparuh exploration block with 57.14% stakeVia OMV Offshore Bulgaria, OMV Petrom now owns 42.86% stake in the offshore block while French energy firm Total owns the remaining 57.14% stake and operates it.OMV Petrom Upstream executive board member Peter Zeilinger said: “This acquisition is an important step in our strategy to expand our Upstream operations in the region.“OMV Petrom has been active in the Black Sea for over four decades as operator and has gained valuable deepwater experience as non-operator in the adjacent Neptun Deep license in Romania.”Located in the western Black Sea in Bulgaria and covering an area of 13,819km², the Bulgaria Han-Asparuh block is situated in water depths of about 2,000m.Exploration at the block commenced in 2012. The activities included geological and geophysical surveys, as well as the drilling of three exploration wells.In June this year, OMV Petrom was selected as the winning bidder for the oil and gas exploration block, Offshore Block II, in the Black Sea offshore Georgia.Subject to signing of the contract, OMV Petrom will undertake oil and gas exploration activities in Block II, which covers a total area of 5,282km2 located within the economic zone of Georgia.last_img read more