With the closing of the deal, both partners now hold equal 50% stakes in the project, with OMV Petrom, through its subsidiary OMV Offshore Bulgaria, serving as the operator. The transfer of the stake to NewMed Energy Balkan has received approval from the Bulgarian Council of Ministers.

NewMed Energy is Israel's leading energy partnership in natural gas exploration, development, production, and sales. 

The partners are targeting the start of exploration drilling in 2025, contingent upon obtaining all necessary permits. 

Cristian Hubati, a member of the OMV Petrom Executive Board, said: "It is a complex process, with high investments, and we count on the support of all stakeholders to progress with the exploration according to our ambitious schedule."

Yossi Abu, CEO of NewMed Energy, added: "We believe in the potential of operations in Bulgaria, due to the probability of discovery and proximity to key markets—especially in light of rising global demand for natural gas and the need for a reliable and diversified supply."

The Han Asparuh exploration block is located in the western Black Sea, south of Romania's Neptun Deep block, covering an area of 13,712 square km with water depths slightly below 2,000 metres. Exploration activities in the block began in 2012 and have included geological and geophysical surveys, as well as the drilling of three exploration wells. An extensive 3D seismic campaign was completed in May 2020 to identify potential drilling targets.

OMV Petrom, in partnership with state-owned Romgaz, is developing the Neptun Deep project in Romania, with estimated volumes of 100 bcm of gas, with first gas production expected in 2027.