London-based oil company Petrofac will leave earlier the partnership with local OMV Petrom for reviving the exploitation of the mature oil deposits in the Ticleni area, in Gorj county, Romania.

The two companies concluded a 15-year contract in 2010. However, Petrofac will end the contract in the second quarter of this year, according to its voluntary decision.

OMV Petrom will continue the oil operations in the area and will take over some 870 employees from Petrofac.

During the contract, Petrofac carried out operations of production and related services whereas OMV Petrom remained the concession holder and holder of oil rights. The contract with Petrofac targeted nine mature oil deposits, which have been exploited for over 60 years.

The drop in international oil prices has made the exploitation of mature oil deposits in Romania unprofitable.

editor@romania-insider.com