OMV Petrom, the largest integrated energy producer in Southeast Europe, has joined the exploration consortium developing the Han Tervel offshore block in the Bulgarian Black Sea, marking a new step in its regional offshore expansion. Through this agreement, OMV Petrom will hold a 25% participating interest in the Black Sea exploration project, working alongside operator Shell, which controls a 42% stake, and Türkiye Petrolleri A.O. (TPAO) subsidiary Turkish Petroleum Overseas Company Limited (TPOC), which holds the remaining 33%. The farm-in agreement has been signed, although completion of the transaction remains subject to regulatory approval from the Bulgarian Government.
The Han Tervel block, central to the Black Sea exploration project, was awarded an exploration license in 2025 with an initial five-year validity period. The offshore area spans approximately 4,000 km² and lies south of the Han Asparuh block in the Bulgarian sector of the Black Sea. OMV Petrom said the project reinforces its existing regional portfolio and reflects its continued commitment to expanding offshore activities in the area.
Christina Verchere, CEO of OMV Petrom, said that the project strengthens the portfolio of the organization, while strengthening their commitment to the region. By participating in the Black Sea exploration project, the company is also applying its long-standing offshore expertise to new opportunities within the basin.
The next stage of the Black Sea exploration project will begin with the acquisition and detailed evaluation of 3D seismic data across the license area. These seismic studies are expected to provide a clearer understanding of subsurface geological structures and help determine the potential for hydrocarbon resources. Depending on the results of this seismic analysis, the consortium partners will assess the feasibility of moving forward with exploration drilling activities in later phases. Financially, OMV Petrom will fund project expenses and investments in proportion to its 25% stake. This commitment includes covering a share of historical expenditures as well as future operational costs tied to exploration activities.
Cristian Hubati, OMV Petrom Executive Board member responsible for Exploration and Production stated that the organization hopes for a productive partnership with Shell and TPAO to unlock new opportunities in the area. OMV Petrom’s involvement in the Black Sea exploration project builds on the company’s long-standing presence in the region.
The firm has been active in the Black Sea for four decades, with a portfolio that includes exploration, development, and production operations across Romania and Bulgaria. In addition, OMV Petrom serves as operator of Neptun Deep, currently the largest natural gas project in the European Union.
