The international market expansion represents one of Camenoil’s development strategic directions approached by our company. After a rich experience in different markets such as Africa (Uganda, Tanzania, Sudan, Mozambique), France, Bulgaria, Ukraine and Hungary, Camenoil announced it would perform drilling works in Israel for the companies Globe Exploration (Y.C.D.) LP şi Givot Olam Oil LTD.
In this respect, the two drilling rigs were inspected by ModuSpec, the global leading expert in ensuring operational integrity of drilling assets and therefore accepted by our beneficiaries.
The wells with depths of approx. 5.000 m, respectively 6.000 m are due to run for o minimum periof of 1,5 year, respectively 2 years, with an estimated two years extension. Due to the high potential of the oil field, the chances of extending the contract and of mobilizing new rigs are very high.
Economic challenges notwithstanding, the projects in Romania and abroad futher underpin the company’s ability in achieving the development objectives aiming, inter alia, to improve operational efficiency and make our operations more competitive.
