OMV Petrom and NewMed Energy sign drillship contract for offshore exploration in Bulgarian Black Sea

OMV Petrom (BVB: SNP), the largest energy producer in Southeastern Europe, and NewMed Energy Balkan, a subsidiary of NewMed Energy, announced the signing of a rig contract for the drilling of two offshore exploration wells in the Black Sea, offshore Bulgaria.

This milestone marks a significant step forward in the two companies’ strategic efforts to unlock new energy resources in the region.

The contract was awarded to Noble Corporation, a globally recognized offshore drilling contractor. The selected drillship, Globetrotter I, is a state-of-the-art ultra-deepwater drillship, designed for efficient offshore drilling operations.

“We are excited to move forward with this important phase of our exploration program in Bulgaria,” said Cristian Hubati, member of OMV Petrom Executive Board, responsible for Exploration and Production.

“This contract underscores our commitment to investing in the region’s energy potential and to working closely with local authorities and stakeholders to ensure safe, efficient, and environmentally responsible operations.”

Yossi Abu, CEO of NewMed Energy: “We are excited about the opportunities NewMed has in Bulgaria alongside our partners and remain committed to advancing drilling operations in the license we hold together with OMV Petrom. The agreement announced today brings us one step closer to unlocking the potential we see in this license.”

The two wells will be drilled on the Han-Asparuh Block.

The drilling campaign is expected to start in the fourth quarter of this year and last approximately four months. The value of the rig contract is approximately USD 80 million.

The integrated drilling services will be provided by Halliburton, and the well testing services will be provided by SLB. Total drilling budget expected at approximately EUR 170 million.

(Photo source: Facebook/OMV Petrom)