Wikipedia

Draft:Expert Petroleum


Expert Petroleum
Company typePrivate
IndustryPetroleum industry
Founded2005
FounderDavid Martinon, Michel Louboutin, GMS Holdings
Headquarters
Bucharest
,
Romania
Area served
Romania, Ukraine
Key people
David Martinon, Michel Louboutin
ServicesProduction enhancement of mature oil and gas fields
Number of employees
1,000
Websitehttps://www.xp-group.com/

Expert Petroleum, also known now as XP.[1][2], is an international oil and gas service company, engaged in field operatorship and oil and gas production on mature fields[3].

It employs over 1,000 people[2] through its subsidiaries. XP currently operates 28 oil and gas fields – 15 in Romania for OMV Petrom[4], and 13 in Western Ukraine for UkrGasVydobuvannya[5]. XP is a member of GMS Holdings Group[6][7].

History edit

Establishment edit

Expert Petroleum was founded in 2005[8] by Michel Louboutin and David Martinon[2].

Lime Rock Partners edit

In 2009 XP attracted USD25 million from Lime Rock Partners, a global energy-focused private equity firm, to further appraise and develop eight mature field licenses, previously acquired in Romania[9].

PEC with MOL in Hungary edit

In 2010 MOL and Expert Petroleum signed its first Production Enhancement Agreement (PEC) to re-develop and rehabilitate the gas and condensate reservoir, namely the Sarkadkeresztúr (Hungary) and Salonta (Romania) fields in joint efforts[10][11].

First PEC with OMV Petrom in Romania edit

In 2012 Expert Petroleum has signed a 15-year Production Enhancement Contract with OMV Petrom for 13 mature oil and gas fields in Western Romania, near Timisoara. The fields were producing around 2,400 boe/day (circa 1.5% of total OMV Petrom production in Romania) at the time. The contract followed the model of the previous production enhancement contracts that OMV Petrom had[12].

Exit of Lime Rock Partners edit

In 2013 the founders of Expert Petroleum and GMS Holdings through mezzanine financing from Syntaxis Capital, bought out Lime Rock Partners shares[13]. The company is since then fully owned by the management and GMS Holdings[11][7].

 
XP administrative building in Ticleni, Gorj county

Acquisition of Petrofac Romania and second PEC with OMV Petrom edit

In 2016 Expert Petroleum SPV SARL Luxembourg acquired Petrofac Solutions & Facilities Support SRL Romania[14]. Through this transaction Expert Petroleum took over Petrofac’s Production Enhancement Contract with OMV Petrom in Ticleni area, Gorj county of Romania. The oil fields that were subject to the production enhancement agreement, are mature fields, under exploitation for more than 60 years[15]. The initial contract between Petrofac and OMV Petrom was concluded in 2010 for 15-year initial period with an option for extension by a further ten years[16].

 
Signing of first ever PEC in Ukraine between UkrGasVydobuvannya and XP, April 2020

PEC with Naftogaz in Ukraine edit

In April 2020 Expert Petroleum signed Production Enhancement Contract (PEC) in the with JSC UkrGasVydobuvannya[17], a fully-owned subsidiary of Naftogaz of Ukraine[18]. The scope of the contract included 13 small fields in Western Ukraine. The contract was concluded for 15 years, with the possibility of extension for another 10 years. Expert Petroleum was agreed to receive a fixed fee for support of the baseline production and for achieving incremental production. The full ownership of the extracted production, geological licenses and assets remained with UkrGasVydobuvannya[19][20].

Business Overview edit

 
XP headquarters at Victoria Business Park in Bucharest, Romania

XP’s holding company, Expert Petroleum SARL SPV, is incorporated in Luxembourg[21].

In Romania XP has two legal entities, EXPERT PETROLEUM SOLUTIONS S.R.L.[22], and EXPERT PETROLEUM S.R.L.[23], with administrative office in Bucharest. In Ukraine XP has a subsidiary Expert Petroleum Ukraine LLC[24] with administrative office in Lviv[25]

 
XP production facilities in Ticleni, Gorj county

In Romania company’s operations are concentrated in 2 regions – Timis area, Western part of the country, and Ticleni, Gorj area, South-Western part of the country. XP operates 6 fields in Ticleni, and 9 fields in Timis.[4]

In Ukraine XP operates 13 fields in Western part of the country.[17]

Membership in organizations edit

XP is a member of the following organizations:

  • The Oil and Gas Methane Partnership (OGMP) 2.0[26]
  • OGCI members aim for zero methane emissions initiative[27]
  • CEEC (Continental Europe Energy Council)[28]
  • Petroleum Club Romania[1]

See also edit

References edit

  1. ^ a b "Members". Petroleum Club. Retrieved 2023-10-27.
  2. ^ a b c "Michel Louboutin, Co-Founder and COO of Expert Petroleum: "We are now extending our footprint to Ukraine" — EXPRO Consulting". expro.com.ua. Retrieved 2023-10-27.
  3. ^ "BSP advised Expert Petroleum on its strategic development | BSP". www.bsp.lu. Retrieved 2023-10-27.
  4. ^ a b "Prospectus on OMV PETROM S.A. shares offering". www.sec.gov. Retrieved 2023-10-27.
  5. ^ "Naftogaz signs first-ever PEC in Ukraine's oil and gas history - CEENERGYNEWS". ceenergynews.com. 2020-04-22. Retrieved 2023-10-27.
  6. ^ "Naftogaz Attracted an International Investor to Increase Gas Production on Depleted Fields | Naftogaz Ukraine". www.naftogaz.com. Retrieved 2023-10-27.
  7. ^ a b "Expert Petroleum". GMS Capital Partners. Retrieved 2023-10-27.
  8. ^ "Expert Petroleum - energynomics.ro". www.energynomics.ro. 28 August 2013. Retrieved 2023-10-27.
  9. ^ Breslow, Matt (2009-11-09). "Lime Rock Partners | Expert Petroleum Announces Growth Capital Investment from Lime Rock Partners". Lime Rock Partners. Retrieved 2023-10-27.
  10. ^ "MOL and Expert Petroleum Announces Cross-Border Field Rehabilitation Project". www.nts-energy.com. Retrieved 2023-10-27.
  11. ^ a b "Michel Louboutin, Co-Founder and COO of Expert Petroleum: "We are now extending our footprint to Ukraine" — EXPRO Consulting". expro.com.ua. Retrieved 2023-10-27.
  12. ^ "OMV Petrom and Expert Petroleum partnership for production enhancement". www.omvpetrom.com. Retrieved 2023-10-27.
  13. ^ "Lime Rock Partners | Portfolio | Expert Petroleum". Lime Rock Partners. Retrieved 2023-10-27.
  14. ^ "It's official: Expert Petroleum took over Petrofac in Romania - energynomics.ro". www.energynomics.ro. 19 August 2016. Retrieved 2023-10-28.
  15. ^ "OMV Petrom announces continuation of production enhancement contract in Țicleni area, with a new partner". www.omvpetrom.com. Retrieved 2023-10-28.
  16. ^ "Petrofac Secures Major Production Enhancement Contract in Romania". Petrofac. Retrieved 2023-10-28.
  17. ^ a b Review, Energy Industry (2020-04-23). "Naftogaz Signs Contract with Expert Petroleum to Increase Gas Production on Depleted Fields". Energy Industry Review. Retrieved 2023-10-28.
  18. ^ "Код ЄДРПОУ 30019775 — АТ "УКРГАЗВИДОБУВАННЯ" — Опендатабот". opendatabot.ua (in Ukrainian). Retrieved 2023-10-28.
  19. ^ "Naftogaz Attracted an International Investor to Increase Gas Production on Depleted Fields | Naftogaz Ukraine". www.naftogaz.com. Retrieved 2023-10-28.
  20. ^ "Naftogaz signs first-ever PEC in Ukraine's oil and gas history - CEENERGYNEWS". ceenergynews.com. 2020-04-22. Retrieved 2023-10-28.
  21. ^ "Expert Petroleum Spv SARL". www.datocapital.lu. Retrieved 2023-10-28.
  22. ^ "Expert Petroleum Solutions SRL Company Profile - Romania | Financials & Key Executives | EMIS". www.emis.com. Retrieved 2023-10-28.
  23. ^ "Expert Petroleum SRL Company Profile - Romania | Financials & Key Executives | EMIS". www.emis.com. Retrieved 2023-10-28.
  24. ^ "Код ЄДРПОУ 43593050 — ТОВ "ЕКСПЕРТ ПЕТРОЛЕУМ УКРАЇНА" — Опендатабот". opendatabot.ua (in Ukrainian). Retrieved 2023-10-28.
  25. ^ "Експерт Петролеум Україна". oil-gas.com.ua. Retrieved 2023-10-28.
  26. ^ "Our member companies – OGMP 2.0". Retrieved 2023-10-28.
  27. ^ "Home". Aiming For Zero. Retrieved 2023-10-28.
  28. ^ "Expert Petroleum Srl. – CEECSG". Retrieved 2023-10-28.
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