The company was registered in 1910 as Bitter Creek Prospectors Limited, but did not do any business. In November 1910 the company name changed to Roumanian Consolidated Oilfields Limited, and it re-registered under this name in 1912 as an amalgamation of Roumanian Consolidated Oilfields Limited; Moreni (Roumania) Oilfields Limited; Central Roumanian Petroleum Company Limited; Bana Moreni Petroleum Company Limited; British Roumanian Oil Company Limited; and Roumanian Oilfields Limited.
In 1913 and 1914 respectively the company acquired Moreni Pipeline and
Transport Company Limited and Roumanian Pipeline and Trading Company Limited.
Refineries were built at Targoviste and Ploesti.
In November 1916 the wells, refineries, plant were destroyed to prevent them
from falling into enemy hands, and claims for compensation were made to the
British and Roumanian governments. Roumanian Consolidated Oilfields Limited
regained possession of its properties in February 1919, but production was
restricted because of the absence of export facilities. A new refinery was later
erected at Ploesti. Roumanian Consolidated Oilfields Limited was taken over in
1922 by Phoenix Oil and Transport Company Limited. Until this time its
registered office had been at 48 Cannon Street.