Petrom won the Excellence Award in Project Management for the Well Modernization Project

November 12, 2008

• 5,000 wells modernized by the end of 2008
• Positive impact on cost reduction and production growth

Petrom, the largest oil and gas producer in South-Eastern Europe, by means of its Exploration and Production Division, won the Excellence Award in Project Management, awarded by Project Management Romania, for the Well Modernization project. Project Management Romania is a member of the International Project Management Association - IPMA.

Johann Pleininger, Petrom Executive Board member, responsible for Exploration and Production: „We are honoured to win this award, considering the well modernization program is one of the our most important programs, with impact on two of E&P’s strategic objectives: stabilizing the oil&gas production in Romania and the reduction of the production costs.”

The well modernization program is run by Petrom’s Exploration and Production division and targets 5,000 wells. The objective of the program is the reduction of well interventions, which has a positive impact on the increase of production and reduction of the production costs.

The well modernization program was started by Petrom in 2006 in a pilot phase. Following this test phase remarkable results were obtained, respectively the reduction of well interventions from 20 to 2/well/year. Following the results of the pilot phase, starting with 2007 the program was implemented on a large scale.
From the beginning of the program until the end of September 2008,  4,339 wells were modernized.

As a result of the implementation of the modernization and revamping programs, among which the well modernization program, Petrom succeeded in 2007 to arrest the decline of oil production and stabilize it to a level of 89,000 barrels/day, in the conditions of a constant decline of oil production in the last 30 years.
In the last three years and a half Petrom invested around 7 bn RON in activities of exploration and production.

IPMA
IPMA is a world leading non-profit making project management organisation. IPMA represents 45 national project management associations on the international level. IPMA actively promotes project management to businesses and organisations around the world. We certify project managers, award successful project teams and researchers, and provide a number of project management publications.