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Petrom upstream partnership with Petrofac

Petrom signed a 15-year production enhancement contract for nine mature oilfields in Southwest Romania (Ticleni area) with Petrofac, a leading oilfield service provider.

The fields have been in production for the last 60 years and produce around 2.5% (4,500 boepd) of Petrom's total Romanian 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. Production operations and related services, as well as the employees involved in these activities are transferred to Petrofac for the duration of the contract. 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.

This move is another step in Petrom's effort to concentrate on halting the upstream production decline. In our view, the cooperation with an international expert increases the companys chance to improve its upstream potential that also still remains in Petrom's various mature assets. We therefore see the news positive.

Sursa: http://www.rciro.ro

Tags: production petrofac upstream petrom

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