Duo looking to drill exploration well offshore Bulgaria by year-end

Southeastern Europe’s integrated energy player OMV Petrom and NewMed Energy Balkan, a subsidiary of Israel’s NewMed Energy, have reached a decision to drill an exploration well in a block in the Bulgarian sector of the Black Sea.

The Israeli player disclosed that the Vinekh-1 exploration well would be drilled in the OMV Petrom-operated Vinekh prospect in Block 1-21 (Han Asparuh), forming part of Bulgaria’s Exclusive Economic Zone (EEZ).

As reported, the partners aim to drill a well approximately 160 kilometers offshore to determine the presence of hydrocarbons in the ready to-drill Vinekh prospect, and the size, quality, and content of the reservoir. The drilling is scheduled to start in Q4 2025 and last for approximately two months.

The exploration well will be aimed at proving the presence of natural gas in 3 target layers from the Pliocene-Miocene age, NewMed explained. It is expected to be drilled to a depth of 3,250 meters, with water depth of around 1,900 meters. The total drilling budget is around €89 million.

The drilling is conditional on the receipt of necessary approvals from the Government of Bulgaria, and on the signing of agreements for the provision of related services.

After making its intention to farm into the block known in November 2024, NewMed officially joined the project earlier this month as a 50% partner.

Located in the western Black Sea in Bulgaria, south of the Neptun Deep block in Romania, Han Asparuh covers 13,712 square kilometers with water depths slightly below 2,000 meters.

Last week, OMV Petrom started drilling the first gas production well at Neptun Deep using the Transocean Barents semi-submersible rig.