Loading ...Austrian group of oil and natural gas OMV, owner of the biggest company on the domestic market – Petrom will reduce a third of the investments in exploitation and production (that means a reduction of up to 10% for Romania) and will save 300 million euros until 2010 at operational costs.
Helmut Langanger, member of OMV board, in charge with E&P told daily Business Standard that some cuts would be operated in Romanian and more in other countries. He said Romania needs investments and it has the biggest potential and significant reserves.
The reduction in investments will postpone by one year the upgrading of Petrobrazi. At the level of the group, the spending in exploitation and production (E&P) will be cut down by 10-15%.
The reduction in investments will postpone by one year the upgrading of Petrobrazi. At the level of the group, the spending in exploitation and production (E&P) will be cut down by 10-15%.
At the same time, the programme of drilling will be reduced, whereas the modernization of the facilities and of Petrom’s infrastructure will be delayed. The drilling operations in Romania will focus on high-depth drillings, pulling out to the surface rather natural gas than oil.
OMV revised downwards the estimates on the production of oil and natural gas for 2010 from 400,000 barrels oil equivalent a day to 350,000-360,000. The investments of OMV in E&P will depend on the level of the barrel. Therefore, if the price stays low, the investments budget may reduce by 100 million euros, and if it goes up to 70-80 dollars, the company might fully observe investments programme.
A variation of one dollar at the oil price means a plus or minus of 50 million euros for OMV. The company will focus on the development of the existing assets, although it believes that, within two – three months the possibilities for acquisitions will be high, especially for E&P. The shrinkage in the operational spending by some 300 million euros until in 2010 will mirror including in Romania and investments scheduled for 2009 will go down in order to mirror the diminution of the capital obtained from the current activities.
OMV admits that next year the programme of Petrom of annual average investments until 2010 worth 1.5 billion euro might vary.
The company might also hold in 2009 a first wind energy project, following an acquisition, being interested in greenfield also, aiming a capacity of 100-300 MW.
Petrom convened the General Shareholders Assembly on December 16, proposing the revision of investments for 2008 from 6.12 billion lei (1.72 billion euros) to 6.41 billion lei (1.8 billion euros).
The company might also hold in 2009 a first wind energy project, following an acquisition, being interested in greenfield also, aiming a capacity of 100-300 MW.
Petrom convened the General Shareholders Assembly on December 16, proposing the revision of investments for 2008 from 6.12 billion lei (1.72 billion euros) to 6.41 billion lei (1.8 billion euros).
Petrom operates two refineries: Arpechim and Petrobrazi, with daily-cumulated refining capacity of 165,0000 barrels a day.
The majority shareholder of Petrom is Austrian group OMV that took over in 2004 a stake of 51 percent.
The Romanian state, through the State Assets Resolution Authority (AVAS) holds a stake of 30.862% followed by Proprietatea Fund with 9.887%, the European Bank for Reconstruction and Development (EBRD) – 2.026% and the shareholders on the stock exchange who own some 6%.
The majority shareholder of Petrom is Austrian group OMV that took over in 2004 a stake of 51 percent.
The Romanian state, through the State Assets Resolution Authority (AVAS) holds a stake of 30.862% followed by Proprietatea Fund with 9.887%, the European Bank for Reconstruction and Development (EBRD) – 2.026% and the shareholders on the stock exchange who own some 6%.
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