Halliburton and SLB to provide associated drilling services
OMV Petrom, the largest energy producer in Southeastern Europe, and NewMed Energy Balkan, a subsidiary of NewMed Energy, announce the contracting of a drilling vessel for the offshore drilling of two exploration wells in the Black Sea, off the coast of Bulgaria.
This milestone marks a significant step forward in the strategic efforts of the two companies to unlock new energy resources in the region.
The contract was awarded to Noble Corporation, a globally recognized offshore drilling contractor. The selected rig, Globetrotter I, is a state-of-the-art deepwater drillship designed for efficient offshore drilling operations.
“We are pleased to move forward with this important phase of our exploration program in Bulgaria,” said Cristian Hubati, Member of the Executive Board of OMV Petrom, responsible for Exploration and Production. “This contract highlights our commitment to investing in the region’s energy potential and working closely with local authorities and stakeholders to ensure safe, efficient, and environmentally responsible operations.”
Yossi Abu, CEO of NewMed Energy, stated: “We are excited about the opportunities NewMed has in Bulgaria alongside our partners and remain committed to advancing drilling operations in the license we hold jointly with OMV Petrom. Today’s agreement brings us one step closer to unlocking the potential we see in this license.”
The two wells will be drilled in the Han-Asparuh block.
The drilling campaign is expected to begin in Q4 of this year and last approximately four months. The value of the drilling vessel contract is around USD 80 million.
Integrated drilling services will be provided by Halliburton, while well testing services will be supplied by SLB.
The total drilling budget is estimated at approximately EUR 170 million.
This initiative aligns with Bulgaria’s broader energy diversification goals and has the potential to significantly contribute to regional energy security.
Han Asparuh
Han Asparuh is an exploration block located in the western part of the Bulgarian Black Sea, south of Romania’s Neptun Deep block. It covers an area of 13,712 km² with water depths just under 2,000 meters. Exploration activities began in 2012 and included geological and geophysical studies as well as the drilling of three exploration wells. An extensive 3D seismic survey was completed in May 2020 to identify potential drilling targets.
OMV Petrom in the Black Sea
OMV Petrom has over 40 years of experience in oil and gas production in the Black Sea. In the Romanian sector, the company is the operator in several blocks, producing oil and gas in shallow waters. In deep waters, OMV Petrom, in partnership with Romgaz, is developing the Neptun Deep project, with estimated volumes of 100 billion cubic meters of gas. The first gas production from Neptun Deep is expected in 2027.
About OMV Petrom
OMV Petrom is the largest integrated energy producer in Southeastern Europe, with a group-wide annual oil and gas production of approximately 40 million boe in 2024. The Group has a refining capacity of 4.5 million tons per year and operates a high-efficiency 860 MW gas-fired power plant. In the retail fuel distribution market, the Group operates around 780 filling stations in Romania and neighboring countries under two brands – OMV and Petrom.
As of the end of 2024, Romanian shareholders hold over 44% of OMV Petrom’s shares (including 20.7% held by the Romanian State through the Ministry of Energy and 23.7% held by Romanian pension funds, along with nearly 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest publicly listed industrial companies in Austria, owns 51.2% of OMV Petrom shares, while the remaining 4.5% are held by other foreign investors. A total of 28.1% of OMV Petrom shares are freely traded on the Bucharest Stock Exchange.
OMV Petrom is one of the largest contributors to Romania’s state budget, with around EUR 44 billion paid in taxes, duties, and dividends between 2005 and 2024. During the same period, the company invested approximately EUR 20 billion.
Since 2007, OMV Petrom has integrated corporate responsibility principles into its business strategy. Between 2007 and 2024, the company allocated around EUR 190 million to community development in Romania, focusing on environmental protection, education, health, and local development.
Our commitment to mitigating climate change is reflected in our ongoing efforts to reduce emissions, with the long-term goal of achieving net-zero operations by 2050.
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