Bulgaria Expands Oil and Gas Exploration in the Black Sea

Business 12 March 2025 23:55

Bulgaria is moving forward with oil and gas exploration in Block 1-21 Khan Asparuh in the Black Sea. At an official ceremony on Wednesday, Energy Minister Zhecho Stankov signed an agreement with OMV Offshore Bulgaria General Manager Rob Dobbins and NewMed Energy Balkan CEO Yossi Abu to continue exploration efforts, CE Report quotes BTA

Following government approval in February, NewMed Energy Balkan now holds a 50% stake in the project, with OMV Offshore Bulgaria as the operator. Minister Stankov emphasized the importance of domestic energy production, highlighting its potential to provide affordable natural gas and enhance Bulgaria’s energy independence.

OMV Petrom and NewMed executives expressed optimism about the project's prospects, citing Bulgaria’s strategic location and growing global demand for natural gas. NewMed CEO Yossi Abu reaffirmed the company’s commitment to advancing exploration activities efficiently in partnership with OMV Petrom.

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