RO OMV Petrom buys stake in Bulgarian offshore project from parent company

Romanian oil and gas group OMV Petrom, controlled by Austrian group OMV, will take over OMV’s stake and replace it as a member of the consortium that operates the offshore perimeter of Han Asparuh in the Bulgarian Black Sea section, according to sources from the oil and gas industry.

The company has not yet reported the deal on the Bucharest Stock Exchange.

OMV Petrom will pay money to take over the Bulgarian concession from OMV as the legislation does not allow the free transfer, Economica.net explains.

The amount has not been disclosed, but unofficial sources informed that, “at this moment, it is not very high”. If the exploration proves successful and goes to the exploitation phase, OMV will receive "a premium", an additional amount of money, in the future.

The Han Asparuh block is located in the western part of the Bulgarian Black Sea area, it is one of great depth, and covers an area of about 14,200 square kilometers, with a depth of up to 2,200 meters.

The perimeter is operated by several Western companies: 40% is owned by Total, 30% by Repsol and the remaining 30% by OMV (the stake to be taken over by OMV Petrom). Total is the field’s operator.

OMV Petrom also owns 50% of the Neptun Deep offshore gas project in Romania’s Black Sea section, the other 50% being held by US group ExxonMobil, which is currently looking for buyers for its stake.

(Photo: Pixabay)