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OMV Petrom and Expert Petroleum sign partnership for production enhancement services
OMV Petrom signed, at the end of last year, with Expert Petroleum, a 15-year contract that entails production enhancement services for 13 small mature oil and gas fields (currently producing around 2,400 boe/d), some of them exploited for more than 40 years, situated in the Western part of Romania, nearby Timisoara (west).
Expert Petroleum is a Romanian company with international expertise in the oil and gas industry.
' 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, member of the OMV Petrom Executive Board, responsible for Exploration and Production.
OMV Petrom will remain the sole titleholder of the concession contracts and the owner of the hydrocarbon production, the existing assets, as well as of the rights and obligations, as defined by the Petroleum Act.
The current production of the fields accounts for 1.5 percent of the daily production of OMV Petrom in Romania, with production costs substantially higher compared to the average production costs of the company.
Petrom Group is the largest oil and gas group in Southeastern Europe, with activities in the business segments of Exploration and Production, Gas and Power, as well as Refining and Marketing. In Romania and Kazakhstan, the Group exploits proved oil and gas reserves of approximately 812 mn boe (thereof 786 mn boe in Romania) and has a maximum annual refining capacity of 4.2 mn t. Petrom is present in the distribution market for oil products in Romania, the Republic of Moldova, Bulgaria and Serbia through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV.
In 2011, the Group's turnover was EUR 5,336 mn, EBIT (Earnings before interest, taxes, depreciation and amortization)
was EUR 1,165 mn. OMV, one of the largest public industrial companies in Austria, holds 51.01 percent of OMV Petrom stock. The Ministry of Economy holds 20.64 percent of OMV Petrom shares, the Property Fund SA holds 20.11 percent, the European Bank for Reconstruction and Development 1.62 percent and 6.62 percent is free float on the Bucharest Stock Exchange.