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CMS Advises OMV Offshore Bulgaria on Force Majeure Certificate

CMS Advises OMV Offshore Bulgaria on Force Majeure Certificate

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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.

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

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