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Romania's Rompetrol Well Services expands oil well services for upstream ops in the Black Sea

Romania's Rompetrol Well Services expands oil well services for upstream ops in the Black Sea Source: Rompetrol Well Services

BUCHAREST (Romania), December 5 (SeeNews) - Rompetrol Well Services (RWS) [BSE:PTR] said on Thursday it has resumed and expanded the range of oil well services provided for upstream operations in the Black Sea through its recent contribution to the decommissioning project of the Gloria platform.

RWS completed the works for securing and preserving the wells related to the marine platform - owned by oil and gas group OMV Petrom in safe conditions and subsequently their cementing, it said in a press release.

Technical solutions and cementing slurries used for the closure of the wells were developed by RWS, using specialised software programs.
Final cement slurry was tested in the company’s laboratory in Ploiesti.

Last month, OMV Petrom completed the removal of Gloria jack-up rig from its production location in the Black Sea, marking another step towards the rig's decommissioning.

The Gloria platform was successfully transported to Agigea harbor in Constanta after more than 40 years in service.

Rompetrol Well Services offers a wide range of services for oil and natural gas wells on the Romanian and Eastern Europe markets. Annually, the RWS performs up to 500 cementing operations with depth up to 5,000 meters and performs more than 400 matrix stimulations.

During the first nine months of this year, Rompetrol Well Services registered a turnover of 48 million lei, up by an annual 13%, while net profit increased by 30% to 9.83 million lei. The positive evolution of the financial results was sustained both by the internal optimizations and investment programs, as well as by increase of industry operational activities.

The company was established in 1951 as a state company under the Ministry of Oil and Chemistry. Since 1990, the company became privately owned Petros Ploiesti S.A. It is listed on the Bucharest Stock Exchange (BVB) since 1998.

The Rompetrol Group, currently KMG International, took over the majority shareholding in 2000, with a 73% stake at present.

RWS's share price was trading 1.16% higher at 0.35 lei on Thursday on the BVB at 0926 CET.

(1 euro=4.7764 lei)