Another exploration well on duo’s drilling agenda in Black Sea

Southeastern Europe’s integrated energy player OMV Petrom and NewMed Energy Balkan, a subsidiary of Israel’s NewMed Energy, have set their sights on drilling a second exploration well at a block in the Black Sea off the coast of Bulgaria.

After NewMed Energy bought a 50% stake in the OMV Petrom-operated Han Asparuh (Block 1-21) in the Bulgarian sector of the Black Sea to assist the Southeastern European firm in advancing offshore exploration efforts, the two players decided to spud the Vinekh-1 exploration well at the Vinekh prospect in Block 1-21, part of Bulgaria’s Exclusive Economic Zone (EEZ).

The duo has now added another well to its planned drilling program in Bulgaria, following a decision to drill the Krum-1 exploration well in the Krum prospect, which was made on June 10, 2025. This is expected to prove the presence of hydrocarbons in the drill-ready Krum prospect and determine the size, nature, and content of the reservoir.

The drilling of this well is contingent on the receipt of all required approvals from the Bulgarian government and the signing of service agreements in connection with the drilling of the prospect, which is situated in the Bulgarian Black Sea, around 130 kilometers east of the shore. OMV Offshore Bulgaria is the designated operator of the asset.

The Krum-1 well is planned to be spud upon completion of the Vinekh-1 well in Q1/2026, with drilling activities expected to continue for approximately two months, targeting two layers from the Pliocene-Miocene age to prove the presence of natural gas.

The well will be drilled to a total depth of around 3,540 meters in water depths of 1,760 meters. The duo’s full drilling budget is approximately $78 million (€68 million), excluding production tests, which are estimated at $21 million (€18 million).

Covering an area of 13,712 square kilometers, the Han Asparuh block saw the start of exploration activities in 2012, which entailed geological and geophysical surveys and drilling of three exploration wells in the western Black Sea. A 3D seismic campaign was finalized in May 2020 to identify potential drilling targets.

Aside from this block, OMV Petrom operates several others, producing oil and gas in the shallow waters, while developing, in partnership with Romgaz, the Neptun Deep deepwater project, with estimated volumes of 100 billion cubic meters of gas.

One of Transocean’s rigs began drilling the first well for the development of the Pelican South and Domino natural gas fields at the block in March 2025. The first gas is anticipated in 2027.