The European Bank for Reconstruction and Development (EBRD) is providing a US$ 5 million loan to Expert Petroleum (The Company) to finance the enhancement of Romanian mature oil and gas onshore fields.
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.
Eric Rasmussen, EBRD Director for Natural Resources said: “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”.
Ghiath Sukhtian, Chairman of Expert Petroleum, said: “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 “
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 600 producing wells in Romania, employing over 1000 people. It is part of the GMS Holdings group which is a large private family investment group of diversified international businesses.