OMV Petrom partners with NewMed Energy in Bulgaria's Han Asparuh offshore project
<p>OMV Petrom, the largest integrated energy producer in Southeastern Europe, announced a strategic partnership with NewMed Energy Balkan, a subsidiary of NewMed Energy, to advance exploration efforts in the Han Asparuh offshore block in Bulgaria.&nbsp;</p>

<p>NewMed Energy is Israel's leading energy partnership in the exploration, development, production, and sale of natural gas and condensate.&nbsp;</p>

<p>The parties have signed an agreement through which OMV Petrom will transfer 50% of the interest in the project to NewMed Energy Balkan while maintaining its role as operator. In exchange, NewMed Energy will bear a significant part of the costs of the exploration and appraisal operations.</p>

<p>The closing of the transaction is expected to take place in the first half of 2025 after the fulfillment of several commercial conditions and approval of the relevant Bulgarian authorities.</p>

<p>The exploration in Bulgaria's Han Asparuh offshore block is extremely important for ensuring energy security in Bulgaria and the region.</p>

<p>This collaboration allows both parties to share the risks and costs associated with the project, thereby facilitating the advancement of exploration efforts.</p>

<p><em>iulian@romania-insider.com</em></p>

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