The second quarte rhydrocarbon production of Romania's top oil and gas group OMV Petrom [BSE:SNP] dropped 2.2% on the year to 177,000 boe (barrels of oil equivalent) per day, Austria's OMV said on Thursday.
On the quarter, OMV Petrom's daily hydrocarbon production was up 1.14%, its parent said in a statement.
OMV's consolidated production increased by 1% quarter on quarter in the three months through June, mainly driven by higher production in Norway, it added.
Due to planned turnaround activities in Austria and Romania, the utilisation rate of the refineries dropped to 72% in the second quarter, from 90% in the first quarter, the statement showed.
An upgrade atPetrobrazi refinery in Ploiesti, southern Romania, whichstarted at the end of May and lasted about a month, costthe company some 40.5 million euro.
Also, the increase in stocks due to the overhaul at Petrobrazi had a negative effect on consolidated results of 25 million euro ($27.5 million) in the second quarter, OMV said.
OMV Petrom is scheduled to publish
its second-quarter report on August 10.
OMV Petrom's total hydrocarbon production shrank 3% to 15.94 million boe in the
first quarter, mainly due to reduced investments, increased number of
uneconomic wells and planned maintenance at key wells. Domestic crude oil and
NGL (natural gas liquids) production was 6.64 million barrels, 4% lower
than in the first quarter of 2015.
OMV Petrom is the largest integrated oil and gas group in southeast Europe with an annual oil and gas production of 65.2 million boe in 2015. At the end of last year the grouphad a refining capacity of 4.2 million tonnes peryear and operated an 860 MW high efficiency power plant and a 45 MW wind park.
It had some 780 filling stations in Romania and neighbouring countries at end-2015.
Blue chip OMV Petrom was trading up 0.19% a t0.26 lei at 1038 CET on the Bucharest Stock Exchange.
($=0.9084euro)
(SeeNews)
