| Summary: | Nature oil and gas fields are difficult to rehabilitate effectively because of the economics of declining production. Many fields are abandoned prematurely when their life could be prolonged significantly through application of new technology. Romgaz (a national exploration and production company) and Schlumberger (an integrated oilfield services company) developed a new business model to overcome these obstacles. The key to success of this model, which is being applied to gas fields in the Transylvanian basin of Romania, is the shared risk and shared reward for the two companies. Integrated management processes addressing the complete system from reservoir to wellbore to surface/transmission facilities and application of new technology (logging, perforation, etc.) have resulted in multifold increases in production.
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