OMV Petrom and NewMed Energy, the partners in the Bulgaria's Han Asparuh offshore block in the Black Sea, have reached the decision to drill an exploration well in the Krum Prospect.
The drilling of the exploration in Krum prospect, named Krum-1, is expected to begin upon completion of the Vinekh-1 well in the first quarter of 2026, and to continue for around two months.
The operation is contingent on receipt of all of the required approvals from the Bulgarian government, and on the signing of service agreements in connection with the drilling of the well.
The aim of the drilling operation is to prove the presence of hydrocarbons in the drill-ready Krum prospect, and determine of the size, nature and content of the reservoir.
The exploration well intended to prove the presence of natural gas in two target layers from the Pliocene-Miocene age, with the total depth of the well being around 3,540 meters at approximately 1,760 meters of water depth.
OMV Petrom and NewMed Energy will through their subsidiaries, OMV Offshore Bulgaria and NewMEd Energy Balkan, contribute $78 million and $21 million respectively for the drilling budget, which includes the cost of production tests.
To remind, OMV Petrom recently closed the farm-down transaction with NewMed Energy, forming an equal partnership for the exploration of the Han Asparuh offshore block.
OMV Petrom, through OMV Offshore Bulgaria, acts as the operator of the project.
Han Asparuh is an exploration block located in the western Black Sea in Bulgaria, south of the Neptun Deep block in Romania and has an area of 13,712 km2 with water depths slightly below 2,000 m.