OMV Petrom buys stake in Bulgarian offshore project from parent company

Deals

Photo by Sundry Photography/Shutterstock.com

Romania’s top oil and gas group OMV Petrom will take over the 30% stake in an offshore project in Bulgaria held by its Austrian parent company OMV Group, Romanian media has reported.

Photo by Sundry Photography/Shutterstock.com

OMV Petrom will acquire OMV’s stake in the Han Asparuh offshore block in the Bulgarian Black Sea section, economic news portal Economica.net reported on Friday, quoting unnamed sources from the oil and gas industry.

OMV Petrom will operate in the block alongside France’s Total and Spain’s Repsol, which own stakes of 40% and 30% respectively in the project, the economic portal added.

The Han Asparuh block is located in the western part of the Bulgarian Black Sea area covering an area of about 14,200 square km, with water depths up to 2,200 meters. OMV Group owns a 51.01% stake in OMV Petrom, romania-insider.com adds.

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