BAKU, Azerbaijan, January 22. Bulgaria has
signed an agreement enabling state participation in offshore oil
and natural gas exploration in the Black Sea, marking a strategic
step to strengthen the country’s energy security and diversify
supply sources in Southeast Europe, Trend reports via the country's
energy ministry.


The agreement was signed in the presence of Prime Minister Rosen
Zhelyazkov and Energy Minister Zhecho Stankov and brings together
Bulgarian Energy Holding (BEH), OMV Offshore Bulgaria, and NewMed
Energy Balkan Limited. Under the deal, BEH will acquire a 10% stake
in exploration activities in Block 1-21 “Khan Asparuh,” located in
Bulgaria’s deepwater Black Sea area.


Speaking at the signing ceremony, Energy Minister Stankov said
the move reflects Bulgaria’s consistent and strategic efforts to
enhance national energy security and reduce dependence on external
energy sources. Following approval by the Council of Ministers, BEH
will join OMV and NewMed as a partner in the project, marking the
first time a Bulgarian state-owned company has taken part in
offshore hydrocarbon exploration.


In addition to concession fees — which can reach up to 30% for
oil and gas production — the Bulgarian state will also receive 10%
of future revenues from any commercial output, Stankov said. He
described the agreement as a key step toward securing domestically
produced, competitively priced natural gas for Bulgarian
consumers.







“For the first time in Bulgaria’s modern history, the state will
actively participate as an investor with a direct stake in oil and
gas exploration rights in the Bulgarian sector of the Black Sea,”
the energy minister said, adding that the move signals a new phase
in the development of the national energy sector and reinforces
Bulgaria’s role in the regional energy landscape.


The project is also seen as strategically important for the
wider region, contributing to the diversification of energy
supplies and enhancing long-term energy security in Southeast
Europe.


The approved exploration work program, running through October
18, 2026, предусматривает the drilling of three wells — Vineh-1,
Krum-1, and Vineh-2. Drilling of the first well is already
underway, while BEH will participate alongside OMV and NewMed in
the remaining two wells.