Expert Petroleum took over the share capital of the Romanian subsidiary of Petrofac group, the initial partner, and will continue the extraction activities and related services.
According to the statement, OMV Petrom will remain sole titleholder of the concession agreements, owner of the hydrocarbons production and existent equipment, as well as holder of the rights and obligations as defined by the Petroleum Act.
OMV Petrom will continue to remunerate Expert Petroleum for its performed services based on a services fee that varies depending on the level of production delivered.
The oil fields in Ticleni area, subject to the production enhancement agreement, are mature fields, under exploitation for more than 60 years.
Expert Petroleum is a company specialized in mature fields’ exploitation in Romania, being OMV Petrom’s partner in a similar contract signed in 2012, for production enhancement on 13 fields in Western Romania (Timis area).