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. 

NewMed Energy is Israel's leading energy partnership in the exploration, development, production, and sale of natural gas and condensate. 

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.

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.

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

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

iulian@romania-insider.com

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