The initial 15-year contract, which includes an option for extension by a further ten years, is effective immediately.
Under the production enhancement contract, Petrofac will provide a range of services to increase production through improving recovery rates, optimize operational efficiencies and invest to upgrade the facilities. Petrofac will be paid a tariff per barrel of oil produced, including an enhanced tariff for incremental production.
Ticleni is located in South-western Romania and has more than 1,000 wells, of which around 300 are currently producing a total of approximately 4,500 barrels of oil per day.
Ayman Asfari, group chief executive of Petrofac, said: “I am delighted to announce this contract which is a significant milestone for Petrofac Production Solutions as we have been assessing opportunities like this for some time.
“We believe this innovative approach enables us to align with our customer while generating additional value by investing and leveraging our operations, drilling management, production engineering, facilities upgrade and training skills.”
