The European Bank for Reconstruction and Development (EBRD) is providing a 5-million-USD loan to Expert Petroleum to finance the enhancement of Romanian mature oil and gas onshore fields, according to an EBRD press statement released on Wednesday.
“As the domestic oil and gas production declines and commodity prices are lower, several existing onshore oil and gas mature fields requires investments and focus to continue to be economically viable, compliant to the latest environmental regulations and to ensure the recovery of the hydrocarbon reserves is optimized. The EBRD loan will help Expert Petroleum to optimize its capital structure and invest into energy efficiency upgrade and production enhancement projects. The bank’s investment will contribute to make the oil and gas assets operated by the company safer, cleaner, more productive and more viable for longer time,” reads the statement.
“We are very pleased to support Expert Petroleum as it continues to provide an innovative and unique approach in the rehabilitation of mature oil and gas fields and ensure domestic hydrocarbon resources are more efficiently recovered,” Eric Rasmussen, EBRD Director for Natural Resources is quoted as saying in the statement.
“We are delighted to expand our long-lasting cooperation with the EBRD. They are a key partner in our ambition to modernize and optimize mature onshore oil and gas fields in a clean and safe environment,” Ghiath Sukhtian, Chairman of Expert Petroleum is quoted as saying in his turn.
The statement says Expert Petroleum is an agile and lean organization specialized in mature oil and gas fields operations optimization, workforce development, energy efficiencies, production and reserves enhancement. The Company operates 18 mature oil and gas fields with 400 producing wells in Romania, employing over 1,000 people. It is part of the GMS Holdings group which is a large private family investment group of diversified international businesses.