Petrom announces deal to improve production at older oil fields in Western Romania

OMV Petrom has signed an agreement with Expert Petroleum to enhance production at 13 small oil fields in Western Romania. The oil fields are described as «mature» and some have been exploited for over 40 years. Typically, the oil fields in the deal produce 2,400 BOE/D (barrels of oil equivalent per day).

Under the new contract, Expert Petroleum will take over and finance operations at the 13 sites, with Petrom employees to be transferred to Expert Petroleum. OMV Petrom will remain the sole titleholder of the concession contracts and own the hydrocarbon production, the existing assets as well as the rights and obligations as defined by the Petroleum Act. Expert Petroleum will be paid a services fee, which will vary according to production levels achieved.

Adapted from Romania-insider