Expert Petroleum is partnering with OMV Petrom in a similar contract to improve production in the Timio region. Risk-sharing contracts (RSCs), first introduced in Malaysia, depart from the production-sharing contract (PSC), which was introduced in 1976 and was recently revised last year as an oil recovery amp toP(PSC), which increased the recovery rate from 26% to 40%. As a high-yield agreement, it is being developed in Malaysia for the population and private partners, in order to benefit from both a successful and vibrant monetization of these peripheral areas. During the Asia Forum production optimization week of the Center for Energy Sustainability and Economics in Malaysia, July 27, 2011, Finance Minister YB. Sen. Dato`Ir. Donald Lim Siang Chai said that the pioneering RSC requires optimal implementation of production targets and allows the transfer of knowledge between foreign and local players in the development of Malaysia`s 106 marginal fields, which contain a total of 580 million barrels of oil equivalent (BOE) in the current high-demand and low-resource market.  The current production improvement contract in Icleni continues on the basis of an amended version, so that it should be in line with new market conditions. OMV Petrom remains the exclusive owner of the concession contracts, the owner of the oil and gas production and existing equipment, as well as the holder of the rights and obligations under the Oil Act. Bring your wells closer to their original production capacity in a matter of hours with our custom remediation solutions. – Some historical moments.
I first met with Ukrgasvydobuvannya representatives four years ago. At the time, I told how we do our business in Romania. Subsequently, the management of Ukrgasvydobuvannya arrived in this country, inspected our facilities and spoke to our partner OMV Petrom (Petrom was a national oil and gas producer which was then purchased by the Austrian OMV – note of .M.). Ukrgasvydobuvannya manager liked the idea of improving contract production (PEC) and it was decided to introduce it here in Ukraine. – We have made the production facilities in Romania more efficient – huge structural units that work in both gas and oil production – which have been transferred to us, and we have modernised them. They currently produce low emissions, are environmentally friendly and are beyond reproach in terms of occupational health and safety. And of course, we`ve increased production. The coronavirus situation delayed the start of practical work by six weeks. However, Michel Louboutin and his team have already got to know the facilities and staff of the Stryi sites. Under the provisional agreement, Expert Petroleum Ukraine will take over 13 fields. This means that the vast majority of employees are employed in the company.
Expert Petroleum has already created Expert Petroleum Ukraine LLC to work in Ukraine. Michel Louboutin will be the head of the company shortly after registering the right to work and permanent residence in Ukraine. It plans to settle in Ukraine, learn the Ukrainian language and prove that its activities, i.e. stimulating hydrocarbon production in depleted fields, can significantly increase the amount of gas produced from the Stryi oil and gas fields of Lvivgasvydobuvannya.