Petrom signs 17-year deal with PetroSantander

Petrom oil and gas company and PetroSantander, an unlisted Canadian company, specialising in mature fields operation and reclamation, have signed an agreement for a period of 17 years, for the increase of production from nine on-shore oilfields in the Arad region, Agerpres informs. Under the agreement, PetroSantander will manage the oil field, will provide the needed expertise and technology, as well as financial and human resources. A joint committee made up of Petrom and PetroSantander representatives will oversee the operations and Petrom will pay PetroSantander as per delivered production.

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