NewMed Energy, which holds a 45.34% stake at Israel’s key 23tcf Leviathan and 30% stake at Cyprus’ 3.5tcf Aphrodite, both operated by US major Chevron, is to enter Bulgaria, taking 50% of the Black Sea Block 1-21 Han Asparuh from OMV Petrom, the Israeli firm announced on 28 November.
NewMed will cover the cost of the first two wells on the block, up to €100mn. As well as Israel and Cyprus, NewMed also has 37.5% stakes in the giant Boujdour Antlantique offshore Moroccan-controlled Western Sahara (MEES, 19 December 2022), whilst parent company Delek has substantial North Sea output via its 57.7% stake alongside Eni in Ithaca Energy. (CONTINUED - 100 WORDS)