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May 19, 2021
BUSINESS

OMV Petrom: gas production drops, sales even more

OMV Petrom reported for Q3 2014 a production of oil and gas of 178,000 barrels of oil equivalent (BOE), down by 2.1 per cent on a year on year basis, according to a report published by OMV Petrom’s majority shareholder, the Austrian group OMV, on Monday.  In Q3 2013, OMV Petrom’s hydrocarbon production was 182,000 BOE. Compared to Q2 this year, the decline was by 1.1 per cent, from 180,000 BOE.
The natural gas and electricity sales of OMV Petrom (SNP) dropped by 22.7 per cent in Q3 on a year on year basis, to 8.68 TWh. The hydrocarbon production posts a slight decline by 2.2 per cent, to 178,000 BOE per day.
Group officials say that crude price had a significant negative impact on the quarterly performance of the company, but the effect was partly offset by the euro to dollar exchange rate. Brent crude quotation dropped from 109 dollars per barrel in Q2 2014 to 101 dollars in Q3, and the one for the Urals oil from 109 dollars to 100 dollars per barrel.
In September, OMV Petrom completed the programme for the modernisation of its Petrobrazi refinery that had started in 2010 and which required a total investment of approximately USD 600 M.
OMV Petrom is the biggest integrated oil group in South and Eastern Europe, with an annual oil and gas production of 66 M BOE. The group has a refinery capacity of 4.2 M tons per year and owns an 860 MW power station as well as a 45 MW wind farm. OMV Petrom is present on the oil product retail market in Romania and neighbouring countries with roughly 800 filling stations.

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