Production currently reaches around 2,400 boe/day and some of the fields have been exploited for more than 40 years.
Expert Petroleum is a Romanian company with international expertise in the oil and gas industry.
“With this new partnership, we continue to optimize our E&P portfolio. The results obtained, thanks to the production enhancement contracts concluded during the past years are encouraging. These reservoirs require a customized approach, high investments and modern technologies to improve the recovery of oil and gas,” Johann Pleininger, member of the OMV Petrom Executive Board, responsible for Exploration and Production, said in a statement Friday.
The new contract follows the model of the previous production enhancement contracts. Expert Petroleum will take over and finance the operations and, together with OMV Petrom, commits to their future development in order to maximize production while improving efficiency. The OMV Petrom employees engaged in these activities will be transferred to Expert Petroleum.
OMV Petrom will remain the sole titleholder of the concession contracts and the owner of the hydrocarbon production, the existing assets as well as of the rights and obligations as defined by the Petroleum Act. Also, OMV Petrom will supervise the operations and will remunerate Expert Petroleum based on a services fee, which will vary depending on the production level delivered.
The current production of the fields accounts for 1.5% of the daily production of OMV Petrom in Romania, with production costs substantially higher compared to the average production costs of the company.
Petrom is the largest oil and gas group in Southeastern Europe, with activities in the business segments of Exploration and Production, Gas and Power as well as Refining and Marketing.