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.