Bulgaria's state-owned energy group Bulgarian Energy Holding will acquire a 10 per cent stake in oil and gas exploration rights for the Han Asparuh block in the Black Sea, the government said on Wednesday.
The Council of Ministers approved the deal, allowing BEH to buy five per cent each from OMV Offshore Bulgaria, a wholly owned subsidiary of Romania's oil and gas group OMV Petrom, and NewMed Energy Balkan, a unit of Israel's NewMed Energy, which currently hold the permit.
Following the transfer, OMV and NewMed will each retain 45 per cent, while BEH will hold 10 per cent. The Han Asparuh block lies in the deepwater area of the Black Sea, within Bulgaria's exclusive economic zone.
The exploration contract has been in force since September 2012. The government said the move is part of efforts to diversify energy resources and strengthen energy security in Southeast Europe.
(Reporting by Antonis Pothitos; Editing by Bernadette Baum)
