Draft:Expert Petroleum

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

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

Establishment
Expert Petroleum was founded in 2005 by Michel Louboutin and David Martinon.

Lime Rock Partners
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.

PEC with MOL in Hungary
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.

First PEC with OMV Petrom in Romania
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.

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

Acquisition of Petrofac Romania and second PEC with OMV Petrom
In 2016 Expert Petroleum SPV SARL Luxembourg acquired Petrofac Solutions & Facilities Support SRL Romania. 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. 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.

PEC with Naftogaz in Ukraine
In April 2020 Expert Petroleum signed Production Enhancement Contract (PEC) in the with JSC UkrGasVydobuvannya, a fully-owned subsidiary of Naftogaz of Ukraine. 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.

Business Overview
XP’s holding company, Expert Petroleum SARL SPV, is incorporated in Luxembourg.

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

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

Membership in organizations
XP is a member of the following organizations:


 * The Oil and Gas Methane Partnership (OGMP) 2.0
 * OGCI members aim for zero methane emissions initiative
 * CEEC (Continental Europe Energy Council)
 * Petroleum Club Romania