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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.

CMS at a Glance

CMS Sofia is a full-service law firm, the largest international law firm in Bulgaria and one of the largest providers of legal services in the local market as a whole. The breadth and depth of our practice means that our lawyers are specialised, with a level of specialisation that few of our competitors can match.

CMS Sofia is the Bulgarian branch of CMS, a top ten global legal and tax services provider with over 5000 lawyers in 43 countries and 78 offices across the world.

CMS entered the Bulgarian market as one of the first internationally active law firms in 2005 and is now among the most respected legal advisors in the country. We have 7 partners, 4 counsel and over 30 lawyers in our office in Sofia.

Our legal experts, who are rooted in Bulgaria’s local culture, can also draw on years of experience in foreign countries and are at home in several legal systems at once. We know the particularities of the local market just as well as the needs of our clients and combine both to achieve optimum solutions. Our lawyers are Bulgarian qualified and we also have English qualified experts – all of them regularly working on cross-border mandates.

In our work, we focus on M&A, Energy, Projects and Construction, Banking and Finance, Real Estate, Media, IP and IT law, Tax, Employment law, Competition, Procurement and any kind of Dispute resolution, including arbitration and mediation. What’s more, we also take care of the entire legal management of our clients’ projects.

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