Pewete Evo Europe SRL appeared on the Romanian well services market in 2018, but the General Manager, George Căpățînă is far from being a newcomer to this industry. Likewise, the company group of Pewete Evo Europe is a well-known and appreciated player in the Oil & Gas industry, listed on the Frankfurt stock Exchange, with a solid portfolio in Russia, Kazakhstan and Middle East – Petro Welt Technologies AG. We discussed with George Căpățînă about the Upstream sector in Romania and about his plans with Pewete Evo Europe SRL.
Dear Mr. George Căpățînă, you have been leading Pewete Evo Europe SRL for more than one year, taking over this mandate almost immediately after the company’s incorporation. Who is Petro Welt Technologies AG and why was it required to set up a new company in Romania?
Petro Welt Technologies AG is an Austrian public company, listed on the Frankfurt Stock Exchange; it is also one of the leading independent oilfield service companies in Russia and Kazakhstan, recognized as a leader in mobile drilling operations and pumping services including well stimulation.
Are there any specific elements – technologies, approaches, niche services – on which Pewete Evo Europe SRL is specialized?
Our company has mainly two major business lines as mentioned above. With mobile drilling rigs, in addition to drilling, we are also specialized in horizontal sidetracking and we cover all pumping services, including CT services, cementing and wells stimulation where we have a vast experience which will benefit our clients in Romania and East-Central Europe.
Despite all the hopes revived each year, the tax and regulatory background in Romania is slow in encouraging any large-scale investments in the Oil and Gas industry. What opportunities have you identified, though?
In Romania, there is a long history in Oil and Gas industry, and there are still a lot of opportunities. In addition, workers here are highly qualified with a prodigious character. We have chosen Romania in order to create a hub of services for Europe. We will have here a “state of the art” company with top quality equipment and the best specialists. We have already demonstrated our competence and we are looking forward to demonstrate our full range of capabilities.
The global hydrocarbon market is going through a new critical period, with a historical decline in prices and unclear prospects of a recovery in the near future. How does a well services company position itself in such a context?
Pewete decided very wisely to open its European Hub here. The market has challenges from time to times, but we decided our move, planning and betting on the long term. Pewete strategy is built with a long term vision and when we opened the business in Romania, it was a long term commitment. Pewete relocated in the area three modern rigs and invested more than 10 million euro heavily supporting local Romanian companies with tradition in the business. Also we hired many specialists from Romania.
Customers – large integrated groups – put the investments on hold and force the suppliers to lower the prices. Have you felt such pressure in recent months?
Pewete is a well-organized company with a strong focus on operations. Its management is very efficient, with direct contact with all decision makers. In the same time with full digitalization, and independence we are able to be very agile to face successfully all challenges, including the ones you are mentioning .
How do you see the operation of the Oil and Gas industry in the next decades, as the European policies seem to be moving towards renewable energies and alternative technologies that have an extremely low environmental impact?
First of all, we are service company, not an oil producer, our equipment is suitable for environmentally friendly operations, our rigs can drill water wells, geothermal wells. Also, our equipment is necessary even if you want to abandon a well and do land restoration. Today, hydrocarbons are still the main source of energy and are the base of the polymer industry which is still growing at 3% per year. One of our top priority is to focus on technology in order to continue to reduce pollution, optimize costs and provide a safe and secure work culture.
This interview firstly appeared in the printed edition of Energynomics Magazine, issued in March 2020.
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