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Decline in sales of natural gas and electricity for OMV Petrom, in the third quarter

Jun 17th 2015 at 12:47 AM

Sales of natural gas and electricity OMV Petrom (SNP) decreased by 22.7% in the third quarter compared with the same period last year to 8.68 TWh, while hydrocarbon production declined slightly, 2.2% to 178,000 boe per day. Sales of gas and electricity stood at 11.24 TWh in the third quarter of the previous year, while hydrocarbon production during the period reached 182,000 boe per day.

Although gas group sales were negatively affected by weak demand in Romania and in Turkey increased supply costs, renegotiating contracts with Gazprom and Statoil contributed decisively to improving gas business results. In fact, the electricity division was affected by weaker results in Romania, but, overall, recorded an increase in sales, mainly due to production Samsun power plant in Turkey. Hydrocarbon production across the group recorded an important advance to 311,000 boe per day in the third quarter compared with the same period in 2013, when it stood at 275,000 boe per day.

The production level was up 5% from the second quarter, when it stood at 297,000 boe per day. Aces increase is due to the partial resumption of production in Libya and increase production in Norway. However, results were negatively affected by lower production in Romania and Austria. Sales volume increased in the third quarter compared with the second quarter, in line with the advance of production.

Exploration costs decreased whereas in July-September from the previous quarter to 140 million Euros, due to some wells were classified as non-performing in New Zealand, the Faroe Islands and Norway.

Also, results were negatively affected by oil price developments, but euro-dollar exchange rates have partly balanced this impact, the report OMV. In September, OMV Petrom finalized Petrobrazi modernization program, implemented in the period 2010-2014 and which required investments of about 600 million. OMV Petrom is the largest integrated oil and gas group in Southeastern Europe, with an annual production of oil and gas to 66 million boe.

The group has a refining capacity of 4.2 million tons per year and has a power of 860 MW and a 45 MW wind park. On the distribution market of oil products, Petrom is present in the markets of Romania and neighboring countries through about 800 stations.

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