The government announced on Wednesday that Bulgarian Energy Holding, a state-owned energy company in Bulgaria, will acquire a 10% share in the?oil & gas exploration rights for the?Han Asparuh Block in the Black Sea.

The Council of Ministers has approved the deal, allowing BEH the right to purchase 5% each from OMV Offshore Bulgaria - a wholly owned subsidiary of Romanian oil and gas group OMV Petrom - and NewMed Energy Balkan - a unit of Israel's NewMed Energy, which hold the current permit.

After the transfer, OMV, NewMed, and BEH? will each hold 45%.

The Han Asparuh Block is located in the Black Sea's?deepwater zone within Bulgaria's exclusive economic zones, and an exploration contract has been in force since September 2012.

The government stated that the move was part of its efforts to diversify resources and increase energy security in Southeast Europe. (Reporting and editing by Bernadette B. Baum; Antonis Pothitos)

(source: Reuters)