The logo of OMV Petrom outside its headquarters in Bucharest, Romania
High hopes and dry wells in the Black Sea
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
OMV Petrom has hit another setback in the Black Sea after drilling a second dry well in deep waters off the coast of Bulgaria. The Austro-Romanian group is nevertheless continuing to pursue new prospects in the basin, once seen as high-potential but where results over the years have been mixed. It also remains on track for first gas from its flagship Neptun Deep block offshore Romania next year—a project that will be transformative for the regional gas market. Krum 1, the second of two wells drilled by OMV Petrom at Bulgaria’s Han Asparuh block, “did not encounter significant gas volumes” after reaching its planned 3,500-metre depth, OMV Petrom said on 1 April. Its Israeli partner at the sit
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