EditOMV Petrom, Shell and TPAO join forces in Bulgaria’s Han Tervel block in Black Sea
The Black Sea is gradually emerging as one of the most important areas for energy exploration in Southeast Europe
OMV Petrom has announced its entry into the exploration consortium for the offshore Han Tervel block in Bulgaria’s Black Sea, further strengthening its presence in a region that is gaining increasing importance in Europe’s energy strategy.
OMV Petrom S.A. is a Romanian integrated oil company, controlled by Austria’s OMV. It is one of the largest corporations in Romania and the largest oil and gas producer in Southeast Europe.
According to the company’s announcement, OMV Petrom will acquire a 25% stake in the project, subject to the required regulatory approvals. In the same consortium, Shell participates as operator with a 42% stake, while the remaining 33% is held by Turkish Petroleum Overseas Company Limited, a subsidiary of Türkiye Petrolleri A.O. (TPAO). The farm-in agreement has already been signed, with completion of the transaction pending approval from the Bulgarian government.
The Han Tervel block covers an area of approximately 4,000 square kilometres and is located south of the Han Asparuh block, where significant exploration activities have already taken place. The exploration license was granted in 2025 for an initial period of five years, indicating that the current phase remains focused on assessing the geological potential of the area.
Christina Verchere, Chief Executive Officer of OMV Petrom, stated that the company’s entry into the new block strengthens its portfolio and confirms its long-term strategic presence in the Black Sea. For his part, Cristian Hubati, a member of the company’s Executive Board responsible for Exploration and Production, stressed that OMV Petrom has already developed significant expertise through the Neptun Deep project in Romania’s Black Sea, as well as through its participation in the Han Asparuh block.
The next phase of the project will focus on the acquisition and detailed analysis of 3D seismic data, which will form the basis for assessing potential future exploration drilling. OMV Petrom will participate financially in proportion to its stake, covering both previously incurred costs and the investment needs of the upcoming stages.
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The development carries particular significance as it forms part of a broader regional realignment. The Black Sea is gradually emerging as one of the most important areas for energy exploration in Southeast Europe, at a time when the European Union is seeking greater diversification of natural gas sources and supply routes. Following Russia’s invasion of Ukraine, the need for alternative sources of supply and stronger regional resilience has become even more pressing.
In this context, the cooperation between OMV Petrom, Shell and TPAO reflects the convergence of corporate, regional and European interests around the future energy development of the Black Sea. It is not merely a technical or commercial agreement, but also an indication that the region is evolving into a space where strategic objectives related to energy security, investment presence and geoeconomic influence increasingly intersect.
The significance of this move is further reinforced by OMV Petrom’s broader portfolio in Romania and Bulgaria. The company is the operator of Neptun Deep, the largest natural gas project currently under development in the European Union, while the Han Asparuh block also includes the participation of NewMed Energy, through its subsidiary NewMed Energy Balkan, as well as Bulgarian Energy Holding, which joined the consortium in early 2026. This framework indicates that energy activity in the Bulgarian and Romanian Black Sea is not developing in isolation but is increasingly taking on the characteristics of a coordinated regional strategy.
In contrast to the Neptun Deep project, which is already in the development phase and is considered the largest natural gas project in the European Union, the Han Tervel block remains at an early stage of geological evaluation. The seismic surveys planned for the coming years will determine whether the area holds comparable energy potential. Nevertheless, the parallel development of multiple exploration blocks in the Black Sea suggests that the region is gradually emerging as one of the key new energy zones of Southeast Europe.
The key factor in the coming years will be whether seismic surveys and potential drilling confirm commercially viable reserves. However, the progress of such projects in the Black Sea remains closely linked to technical, environmental and regulatory factors, as well as to the broader geopolitical environment of the region. If exploration efforts yield positive results, the Black Sea could significantly strengthen its role as a supplementary supply pillar for the European energy market, with particular importance for Southeast Europe. From this perspective, Han Tervel is not merely another block under exploration, but part of a broader process reshaping the region’s energy landscape.
Caption: In dark blue, the Han Tervel offshore block in the Black Sea [Ministry of Energy of Bulgaria]
Updated: March 12, 2026 - 07:39
