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October 23, 2021

OMV Petrom’s hydrocarbon production rises

OMV Petrom, member of Austria’s OMV Group, produced 184,000 barrels of oil equivalent per day (oil and natural gas) in Q1 of 2015, up by 2,000 boe quarter-on-quarter. The group’s production dropped by 5 per cent in Q1 of 2015 to 303,000 boe per day, following the partial closing of wells in Norway and Libya, the company report shows.

The profit rate rose from USD 4.17 per barrel in Q1 of 2014 and USD 5.94 per barrel in Q4 of 2014 to USD 7.53 per barrel in Q1 of 2015.

The modernization of the Petrobazi refinery in Romania has increased OMV Group’s refining capacity usage rate from 86 per cent in Q4 of 2014 to 92 per cent in Q1 of 2015. At the same time, the group’s refining capacity grew to 17.8 million tons per year.

At the same time, OMV Petrom, the Romanian subsidiary, contributed the most to lowering the unrealized profit by EUR 50 M, positively consolidating the effects of the fall in the price of stored oil products, as well as the effects of the seasonal fall in the volume of stored natural gas.

OMV’s natural gas sales grew in Austria and Romania from 34.99 TWh in Q1 of 2014 to 38 TWh in Q1 of 2015.

OMV Group owns over 51 per cent of OMV Petrom. The Economy Ministry owns 20.64 per cent, the Property Fund 20.11 per cent, the European Bank for Reconstruction and Development 2.03 per cent and 6.21 per cent of the shares are traded freely on the Bucharest Stock Exchange


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