OMV Petrom closed earlier the contract with Petrofac in order to increase production from Țicleni area, Gorj county, according to a press release of Romanian oil company. Initially, the contract should have lasted until 2025, and aimed the redevelopment of reservoirs by Petrofac with OMV Petrom as the holder of the concession contract.

As a result of the early termination, Petrofac exit will take place in the second quarter of 2016. “The current international context, with low oil prices, raises a lot of challenges related to the exploitation of mature deposits with declining production, like many others of Romania”, said Gabriel Selischi, member of the Executive Board of OMV Petrom.

The operations will be continued by OMV Petrom, which will undertake all the 870 employees from Petrofac. The nine deposits covered by the contract with Petrofac are in operation for over 60 years. OMV Petrom is the largest oil and gas integrated group from Southeast Europe, with an annual production of hydrocarbons of approximately 65 million barrels of oil equivalent in 2015.