The hydrocarbon production of Romania's top oil and gas group OMV Petrom [BSE:SNP] dropped 2.64% on the year to 147,300 boe (barrels of oil equivalent) per day in the second quarter of 2020, the company said on Wednesday.
Compared with the first quarter, OMV Petrom's daily hydrocarbon production fell 2%, the company said in a trading update providing key performance indicators.
Total daily hydrocarbon sales volume was 142,100 boe during April-June, down from a daily 142,800 boe in the same period of 2019.
Total sales of refined products fell to 1.15 million tonnes in the second quarter of 2020, compared to 1.39 million tonnes in the like period of last year.
The volumes of gas sales to third parties rose to 11.77 TWh during the period under review, compared to 9.11 TWh in the second quarter of 2019.
Net electricity output was 0.57 TWh in the second quarter, compared to 0.05 TWh the same period of 2019, data showed.
OMV Petrom is scheduled to publish its second-quarter financial report on July 29.
At the end of June, OMV Petrom said that it will obtain a licence for oil and gas exploration in the Black Sea block II in Georgia only if the negotiations on a production sharing contract are successfully finalized. The group is seeking to obtain the rights to conduct oil and gas exploration activities in Block II, located on the shelf and within the economic zone of the Georgian offshore Black Sea, it said at the time.
OMV Petrom is the largest energy company in Southeast Europe, with an annual group hydrocarbon production of 55.4 million boe in 2019 and a refining capacity of 4.5 million tons annually. The group is also present on the oil products retail market in Romania and neighboring countries through 800 filling stations, at the end of March 2020, under two brands – OMV and Petrom.
Austria-based OMV Aktiengesellschaft holds a 51.011% stake in OMV Petrom. The Romanian state, through the energy minister, owns 20.639% of OMV Petrom, Fondul Proprietatea holds 9.998%, and 18.352% is the free float on the Bucharest Stock Exchange (BVB) and the London Stock Exchange.
Shares of blue-chip company OMV Petrom traded flat at 0.3205 lei ($0.07/0.07 euro) as at 0957 CET on Wednesday on the BVB.
(SeeNews, July 8, 2020)
