Expert Petroleum takeover of Petrofac Romania approved – Romania, 18 August 2016

Romanian Competition Council announced that it has approved the takeover of UK-based energy services company Petrofac Romania by Romanian oil field rehabilitation company Expert Petroleum.
In February 2016, Petrofac announced that it will withdrew from the operation of Ticleni oil field in southwestern Romania due to low crude oil prices. Petrofac managed all activities at the oil field on behalf of OMV Petrom. The two companies signed the partnership agreement in 2010 and it was supposed to last for 15 years. According to the contract, Petrofac carried out operations of production and related services, while OMV Petrom remained the concession holder and the holder of oil rights. The contract targeted mature oil deposits, which have been exploited for over 60 years.

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