OMV Petrom Black Sea well did not find significant natural gas reserves

Romania’s leading integrated energy company OMV Petrom and its partners have completed drilling operations at the Krum-1 exploration well near the offshore Han Asparuh block in Bulgaria, but no significant natural gas reserves were found.

The well was drilled to a depth of approximately 3,500 meters below the seabed in the Black Sea and is the second exploration well completed in the block after the Vinekh well.

Drilling operations began in February, using the ultra-deepwater drilling vessel “Global Voyager I” owned by Noble Corporation.

OMV Petrom stated that since December 2025, two wells have been drilled, and the data collected will help further understand the basin’s geology, as exploration in the Black Sea’s deepwater area remains in the early stages.

Christian Hubati, a member of the Executive Board responsible for Exploration and Production at OMV Petrom, said, “We remain committed to our exploration strategy and continue to seek opportunities offshore Bulgaria. We recognize the enormous potential of the Black Sea basin. Recently, we signed farm-in agreements for exploration in the Han Tervel block with Shell and TPAO, and we look forward to successful cooperation.”

According to the license, NewMed Energy and OMV Offshore Bulgaria, a subsidiary of OMV Petrom, each hold a 45% working interest, while Bulgarian Energy Holding holds the remaining 10%.

The company stated that these results will inform future exploration efforts in the region.