OMV Petrom to rejuvenate 13 oil fields in Romania

Newsroom 08/01/2013 | 15:12

Oil and gas producer OMV Petrom signed a 15-year agreement with Expert Petroleum to increase production and lower costs in 13 small mature oil and gas fields in Western Romania, nearby Timisoara.

The fields produce around 2,400 barrels of oil daily and some of them have been exploited for more than 40 years. The oil company currently gets around 1.5 percent of the daily production from these fields at costs higher above the average of the company.

“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,” said Johann Pleininger, executive board member at OMV Petrom, responsible for Exploration and Production.

OMV Petrom remains the sole titleholder of the concession contracts and the owner of the hydrocarbon production, while Expert Petroleum will finance the operations. Petrom will supervise operations and will pay Expert Petroleum based on a services fee, depending on the production output,

Shares of OMV Petrom gained 0.9 percent to RON 0.4390 on late Tuesday trading on the Bucharest Stock Exchange.