“During 2014, we worked towards a revised Field Development Plan and contractual framework for the Ticleni PEC in Romania. However, following a review of the project in early 2015, we have decided to exit the contract,” the company said in its earnings report released Thursday.
It added it has recorded an impairment of the full carrying value of the contract and provided for anticipated exit costs to reflect the current situation and will be discussing exit options with OMV Petrom.
The British company estimates the assets held in Romania are worth EUR139 million.
In 2010, OMV Petrom signed a 15-year partnership with Petrofac for the management of operations at nine wells, in Ticleni, targeting an enhancement in production by at least 50% by the end of 2015.
Petrofac’s net profit dropped in 2014 to $581 million from $650 million in 2013, while its revenues dropped to $6.2 billion from $6.3 billion.