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 said.

Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. Petrom exploits estimated proved oil and gas reserves of 823 mn boe in Romania (854 mn boe at group level), has an annual refining capacity of 8 mn t and holds around 550 filling stations in Romania. The company also has an international network of 268 filling stations located in Moldova, Bulgaria and Serbia.

OMV holds a 51.01% share in Petrom. OMV is active in 12 Central European countries in its Refining and Marketing business segment and in 17 countries on four continents in Exploration and Production. Ministry of Economy holds 20.64% of Petrom shares, Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.03% and 6.21% is free float on Bucharest Stock Exchange.

Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world’s leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.

The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.