OMV Petrom snatches fresh Black Sea block

  • Exploration & Production

Romanian oil and gas company OMV Petrom is the winning bidder for an oil and gas exploration block located in the Black Sea, offshore Georgia.

OMV Petrom said on Monday it has been selected as the winner of the open international tender held by the Ministry of Economy and Sustainable Development of Georgia for the Offshore Block II.

Peter Zeilinger, member of the Executive Board, responsible for Upstream: “We continue our plans to expand our upstream activities in the Black Sea region. This is another milestone, after signing a contract to enter the Han Asparuh exploration license in offshore Bulgaria.

“It is a natural continuation of our more than 40 years of experience in the Romanian Black Sea waters”.

The block will be formally awarded only if negotiation of a Production Sharing Contract is successfully finalized.

If so, OMV Petrom will obtain the rights to conduct oil and gas exploration activities in Block II.

The Block II is located on the shelf and within the economic zone of the Georgian offshore Black Sea. It covers a total area of 5,282 square km.

Elsewhere in the Black Sea, OMV Petrom has exploration, development and production operations in the shallow waters (Istria block) and exploration activities in partnership with ExxonMobil in deep-water areas (Neptun Deep).

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