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April 14, 2021

OMV Petrom records net profit worth 2.489 bl lei in 2017, up almost 2.4 times

OMV Petrom Group recorded in 2017 a net profit worth 2.489 billion lei, almost 2.4 times higher (140 percent) compared to the net result recorded in 2016, namely 1.038 billion lei, according to the unaudited financial results released on Wednesday by the company.

The net profit corresponding to the OMV Petrom shareholders in 2017 stood at 2.491 billion lei, higher by 139 percent compared to the same period of 2016. The earnings per share amounted to 0.0440 lei.

In 2017, the group’s sales totalised 19.435 billion lei, increasing by 17 percent compared to 2016 when they reached 16.647 billion lei.

The Austrian OMV Group is the major shareholder of Petrom with 51.01 percent and the Energy Ministry holds 20.64 percent of the shares. Petrom is the biggest Romanian oil and gas company, with activities in the Upstream (Exploitation and Production), Downstream Oil (Refinement and Marketing), Downstream Gas (Gas and Energy) sectors.


OMV Petrom looking for Black Sea, Kazakhstan, Eastern Mediterranean expansion opportunities


OMV Petrom, the largest oil company in Romania, is looking for development opportunities in the Black Sea, Kazakhstan and in the Eastern area of the Mediterranean, on Wednesday said the company’s managing Director Mariana Gheorghe, in a news conference.

“When it comes to internationalization, we mainly talk about the upstream (exploration and production, ed. n.). We have planned a 100pct replacement degree of the reserves. Romania does not offer such potential. Although resources still exist, they are not enough to guarantee us a long-term recovery degree. That is why we must diversify these upstream assets and look at three main areas,” said Gheorghe, quizzed on what OMV Petrom increasing its internationalization degree means, as the OMV head Reiner Seele announced in a meeting with president Klaus Iohannis on 9 January.

The first among the interest areas for Petrom is the Black Sea.

“It is in our backyard, we have the expertise, the assets, the experience. Yet, so is Kazakhstan, too, where we have so many years of expertise and we understand maybe better than others how to operate in such environment. Moreover, in the Mediterranean Sea’s Southern area, geographically speaking, it makes sense to look at closer areas. We don’t have anything yet in this direction, but it is a 5-10 year strategy. We don’t intend to go to America or other far-away areas, we only offer to best capitalize what we can with the assets we’ve got. We’ll provide information as we manage to endorse acquisition or development projects,” Gheorghe asserted, in the last news conference from the chair of managing director of OMV Petrom.




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