Petrofac will provide production services to Petrom for the Ticleni oilfield and its eight satellite fields in southwest Romania.
The mature onshore field Ticleni has been operating for 60 years and has over 1,000 wells of which 300 produce a total of approximately 4,500 barrels of oil per day.
Under the contract, Petrofac will increase production through improving recovery rates, optimising operational efficiencies and investing in the facility’s upgrade.
Petrofac will be paid a tariff per barrel of oil produced including an enhanced tariff for incremental production.
The initial 15-year contract includes an option for the extension of a further ten years.
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