Romania’s OMV Petrom extends Black Sea exposure by entering Han Tarvel project

Romania’s energy group OMV Petrom (BVB: SNP), the largest integrated energy producer in Southeast Europe, announced its entry into the exploration consortium for the Han Tervel offshore block in the Bulgarian Black Sea.

This is the second project the company enters in Bulgaria’s offshore, after Han Asparuh, which it operates, besides its partners NewMed Energy and Bulgarian Energy Holding, and the third in the Black Sea, where it also operates Neptun Deep (Romania) together with Romgaz (BVB: SNG).

OMV Petrom will hold a 25% stake in the Han Tervel project, joining operator Shell (42%) and Türkiye Petrolleri (TPAO) subsidiary Turkish Petroleum Overseas Company Limited (TPOC) (33%) – subject to regulatory approval.

The farm-in agreement was signed, with the completion of the transaction pending customary approval from the Bulgarian government.

“Entering a new exploration block in the Black Sea, alongside major international partners, strengthens our portfolio and reinforces our long-term strategic commitment to this promising region,” said Christina Verchere, CEO of OMV Petrom.

The exploration license for Han Tervel was granted in 2025 for an initial five-year term. The Han Tervel block covers approximately 4,000 km2 and is located south of the Han Asparuh block. This move aligns with OMV Petrom’s strategy to leverage its extensive offshore expertise across the region.

“We have built solid exploration and development capabilities through the Neptun Deep project and our activities in the Han Asparuh block. We look forward to a successful collaboration with Shell and TPAO, leveraging our collective strengths to unlock new opportunities,” added Cristian Hubati, member of the OMV Petrom Executive Board, responsible for Exploration and Production.

(Photo source: Omvpetrom.com)