Petrom, the largest company in Romania signed a contract for cumulative production enhancement out of nine onshore fields in Ticleni area by at least 50%, in the next five years. The fields cover around 2.5% of Petrom’s total domestic production.
Under the 15-year contract, Petrofac will perform services in the respective fields in order to maximize production while improving operational efficiency. In this view, Petrofac will provide the necessary expertise and technologies as well as the financial and human resources. Petrom will supervise the operations and will remunerate Petrofac per barrel of oil produced, including an enhanced tariff for incremental production.
"In order to unlock our E&P potential, given the complexity of operating mature fields as well as the complexity of our portfolio in Romania, we will focus our efforts on the re-development of six to eight major fields until 2015. In parallel, in order to maximize production on other mature fields, we decided to enter partnerships with companies in the field. Through this partnership we are confident in obtaining the best results, considering the risks sharing, cost reduction and production increase," said Mariana Gheorghe (photo), CEO of Petrom.
The nine onshore fields, in Ticleni area, Southwest Romania are mature fields which have been exploited for the last 60 years. Presently, the nine fields produce together approximately 4,500 boe/day, representing around 2.5% of Petrom’s total domestic production. During the first five years, Petrofac will provide a cumulative production increase by at least 50% in the concerned fields compared to the current production decline.
“Petrom will remain the title holder of the concessions contracts, the hydrocarbons production, the existing assets as well as of the rights and obligations as defined by the Petroleum Law”, company officials s
