The Bulgarian energy ministry said it extended by another two years the oil and natural gas exploration permit granted in 2012 for the 1-21 Han Asparuh offshore block in the Black Sea, where Romanian oil and gas company OMV Petrom holds a 42.9% interest, Seenews.com reported.

The permit was extended in 2012 to French energy major Total (now TotalEnergies) and its partners Repsol (which pulled out of the operations in 2020) and OMV - since 2020 replaced by its subsidiary, Romanian oil and gas group OMV Petrom.

The permit was extended for the third time at the request of the two companies, which informed of the discovery of a promising area in the block that allows for additional testing for potential deposits, the Bulgarian ministry said.

Total E&P Bulgaria and OMV Offshore Bulgaria, the local project companies of the two foreign oil groups, plan to make a total investment of about EUR 1.46 mln in the next exploration period, the Bulgarian Ministry of Energy stated.

The project is particularly important from the point of view of Bulgaria's energy security, the energy minister stressed. Under the terms of the contract sealed in 2012, the operators committed to investing over EUR 1 bln in the gas exploration process, the Bulgarian economy ministry said at the time.

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andrei@romania-insider.com