Romania's OMV Petrom sees further slide in output in Q3

Austro-Romanian group OMV Petrom saw a further slide in its oil and gas production in the third quarter, the company said in a trading update on October 10.

The company's overall hydrocarbon production came to 117,200 barrels of oil equivalent/day in the three-month period, down from 120,100 boe/d in the previous quarter and 121,300 boe/d in Q1 2022. It also compares with 122,800 boe/d in Q3 2021.

Natural gas output averaged 60,900 boe/d, down from 62,600 boe/d in Q2 2022 and 63,000 boe/d in Q1 2022. Its gas sales volumes also dropped to 7.1 TWh, from 8.68 TWh in the previous three months and 10.66 TWh in the first quarter of the year.

OMV Petrom also estimates that its refining margin slimmed to $17.1/barrel in the third quarter from $24.44/b in the previous three months. However the margin was still much larger than in Q3 2021, when it came to $7.19/b. 

The company is part-owned by Austria's OMV and part-owned by the Romanian state. It will release its full results for the third quarter on October 28.