Romania Increases Hydrocarbon Production After 9 Years

Romania reported a year-on-year increase in hydrocarbon production for the first time since Petrom’s privatization in 2004. 

Daily production of oil, NGL and gas in Romania increased for the first time  from 170.5 kboe/d in 2012 to 171.4 kboe/d in 2013.

For the next year, Petrom sees production stabilization and progresses of its exploration initiatives in the Black Sea.

“In the Black Sea, we further pursued our exploration activities by completing the 3D seismic acquisition and prepared to resume the exploration campaign in mid-2014. Since privatization, we have secured the growth of our company and the future of the hydrocarbon production, by reinvesting approx. 85% of our operating profits, to a cumulative level of EUR 10 bn,” Mariana Gheorghe, CEO of OMV Petrom, commented in a note released on Wednesday.

Bucharest-based Petrom’s EBIT increased by 5%, while sales decreased by 8%.

Austria’s OMV is another company with significant stakes in Romania. In its 2013 report, the company reported higher drilling exploration expenses in the Eastern European country.

OMV wrote that in Romania, ‘following data interpretation of the 3D seismic survey of the Neptun block, a new drilling campaign is anticipated to start around mid-2014.’

The Wien-based company reported a year-on-year 12% EBIT decrease, with ‘strong operating cash flow at EUR 4.1 bn, higher by 8% in 2013.’