Boyanov & Co Advises NewMed on Black Sea Gas Deal
Deal News | Mar 27, 2025 | CEE Legal Matters
Boyanov & Co provided legal advice to NewMed Energy Balkan, a subsidiary of Israel's NewMed Energy, on its recent acquisition of a 50% interest in the 1-21 Khan Asparuh Block, an oil and gas exploration permit located in Bulgaria's deep Black Sea exclusive economic zone. The stake was acquired from OMV Offshore Bulgaria, a subsidiary of OMV Petrom. This strategic move underscores NewMed Energy's focus on expanding its exploration portfolio and tapping into the potential resource-rich Black Sea region.
Sectors
- Oil and Gas Exploration
- Legal Services
Geography
- Bulgaria – The gas exploration license is located in Bulgaria’s exclusive economic zone in the Black Sea.
- Israel – NewMed Energy, the parent company of NewMed Energy Balkan, is based in Israel.
Industry
- Oil and Gas Exploration – The article discusses the acquisition of a stake in a gas exploration permit in the Black Sea, which clearly falls under the oil and gas exploration industry.
- Legal Services – Boyanov & Co's involvement as a legal advisor in the acquisition process makes legal services a relevant industry.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Boyanov & Co | Legal Advisor | Company | Legal firm advising on the transaction. |
| NewMed Energy Balkan | Acquirer | Company | Subsidiary of Israel-based NewMed Energy acquiring the stake. |
| NewMed Energy | Parent Company | Company | Israel-based energy company undertaking exploration activities. |
| OMV Offshore Bulgaria | Vendor | Company | Seller of the 50% interest in the gas exploration license. |
| OMV Petrom | Parent Company | Company | OMV Offshore Bulgaria is a subsidiary of OMV Petrom. |