OMV Petrom signed a 15-year agreement with Expert Petroleum to increase production and lower costs in 13 small oil and gas fields in western Romania. The fields produce around 2,400 barrels of oil a day and some of them have been exploited for more than 40 years.
Under the agreement, OMV Petrom will remain the sole titleholder of the concession contracts and owner of hydrocarbon production, while Expert Petroleum will finance the operations. Petrom will supervise operations and will pay Expert Petroleum a service fee based on production output.
