Shell and TPAO welcome OMV Petrom as partner in Black Sea exploration project

March 11, 2026, by Melisa Cavcic

Southeastern Europe’s integrated energy player OMV Petrom, an affiliate of Austria’s OMV, has joined the UK-headquartered energy giant Shell and Türkiye‘s national oil and gas giant, Türkiye Petrolleri A.O. (TPAO), at an offshore block in the Bulgarian sector of the Black Sea.

OMV Petrom has set the stage to enter into the exploration consortium for the Han Tervel offshore block in the Bulgarian Black Sea. As a result, the firm will hold a 25% stake in the project, joining Shell (operator, 42% interest) and TPAO’s subsidiary, Turkish Petroleum Overseas Company Limited (TPOC) (33%), subject to regulatory approval.

The farm-in agreement has already been signed, with the completion of the transaction pending customary approval from the Bulgarian government. The exploration license for Han Tervel was granted in 2025 for an initial five-year term. The block covers approximately 4,000 square kilometers located south of the Han Asparuh block.

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Christina Verchere, CEO of OMV Petrom, commented: “Entering a new exploration block in the Black Sea, alongside major international partners, strengthens our portfolio and reinforces our long-term strategic commitment to this promising region.”

This acquisition move is said to align with OMV Petrom’s strategy to leverage its extensive offshore expertise across the region. The upcoming phase entails the acquisition and detailed analysis of 3D seismic data.

Based on seismic results, the partners plan to evaluate subsequent exploration drilling. Southeastern Europe’s firm will contribute to project costs and investments proportionally to its 25% stake, covering both historical costs and future operations.

OMV Petrom, the operator of the Neptun Deep natural gas project, underlines that it has a long tradition in the Black Sea, spanning four decades. The company’s current portfolio encompasses exploration, development, and production activities across Romania and Bulgaria.

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Cristian Hubati, Member of OMV Petrom’s Executive Board, responsible for Exploration and Production, commented: “We have built solid exploration and development capabilities through the Neptun Deep project and our activities in the Han Asparuh block.

“We look forward to a successful collaboration with Shell and TPAO, leveraging our collective strengths to unlock new opportunities.”