Delek Group (TASE: DELKG) Mediterranean power exploration and manufacturing unit NewMed Vitality (TASE: NWMD) along with Romania’s OMV Petrom has signed an $80 million contract With Noble Corp. for a drilling within the Black Sea, offshore from Bulgaria.
The 2 wells that shall be drilled within the Han Asparuh block, though there is no such thing as a assure that gasoline shall be discovered. The smaller of the 2 wells has a barely lower than 50% potential for 70 billion cubic meters (BCM) of gasoline and the bigger of the wells has a 30% likelihood of offering 170 BCM.
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The exploratory drilling will start in October 2025 within the smaller however extra promising effectively. After the drilling is full it would transfer onto the larger effectively. If each explorations are profitable, it will have a dramatic influence on Bulgaria, and a sure influence on the whole EU. That is enough gasoline to provide all of Bulgaria’s power wants, with a surplus for export to the remainder of Europe. There may be already a gasoline pipeline connecting Bulgaria to Greece, Greece to Italy, and from there gasoline may be pumped into the whole EU.
From NewMed’s perspective, the wells have vital potential on an financial degree, for the reason that value of gasoline in Europe is at the moment extraordinarily excessive (about $11.5 per thermal unit, greater than double that in Israel). Which means that any discovery of gasoline shall be consumed by the European financial system and a excessive value shall be paid for it.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on August 3, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
