CMS has advised OMV Offshore Bulgaria on the permit transfer procedure with the Bulgarian Government and the issuance of a force majeure certificate by the Bulgarian Chamber of Commerce and Industry for the Han Asparuh 1-21 offshore block.
According to OMV, "in 2012 the Bulgarian Government awarded the 1-21 Han Asparuh exploration block located deep offshore in the western part of the Black Sea to the consortium of OMV (30%), TotalEnergies (40%) and Repsol (30%). Following Repsol’s exit in 2019, the Bulgarian regulator approved the allocation of Repsol’s 30% participating interest to the remaining two partners."
According to CMS, "the Bulgarian Council of Ministers approved the transfer of the TotalEnergies EP Bulgaria interest in the permit to OMV Offshore Bulgaria, as a result of which OMV Offshore Bulgaria currently holds the whole permit. In addition, the term of the permit is extended by 23 months given the permit transfer and the war situation in Ukraine, which will allow for the drilling of an additional well."
The CMS team included Managing Partner Kostadin Sirleshtov, Senior Associate Denitsa Dudevska, Associate Viktoriya Dimitrova, and Associate Dian Boev.
This deal was originally published on CEE Legal Matters in June 2024, and has been reproduced with their permission.
