OMV Petrom's second exploration well in the Bulgarian Black Sea, Krum-1, has failed to find commercial hydrocarbons, marking another disappointment following the earlier dry Vinekh-1 well.

Well Results and Partner Statements

The Krum-1 well was drilled to a planned depth of approximately 3500 meters, targeting a different geological prospect than the first well within the Han Asparuh block. OMV Petrom stated the well did not encounter significant gas volumes. Its block partner, NewMed Energy, was more definitive, declaring it a dry hole after reaching a final depth of 3540 meters and finding only non-significant signs of gas in the target layers.

Strategic Outlook and Future Plans

Despite the consecutive failures, OMV Petrom emphasized that data from both wells will advance the geological understanding of the region, noting that deep Black Sea exploration is still at an early stage. The company reaffirmed its commitment to its exploration strategy and the potential of the Black Sea basin. This commitment is demonstrated by a recent farm-in agreement with Shell and TPAO to explore the nearby Han Tervel block.