Financiarul

The oil and gas output of Petrom group was down by 4 percent in the third quarter from the same period in 2008 to 17.03 million barrels of oil equivalent, according to figures made public on Tuesday.

In the nine months of 2009, Petrom output dropped 4 percent to 51.12 million boe (187,261 boe a day) due to the curbed domestic production. Over July-September, the domestic price achieved on oil dropped by 41 percent compared to Q3 of 2008, following the downward trend of the crude prices. The EBIT profit recorded 39 percent drop in prospecting and production compared to Q3 of last year, amid the significant fall in the crude prices and the higher amortisation costs.

Romania’s oil and gas output totalled 16.43 million boe in Q3, by 4 percent lower than in the same period a year ago. The group’s oil output amounted to 8.42 million barrels, by 3 percent lower following the dropped level of the crude production in Romania. The domestic crude market amounted to 7.91 million barrels, by 3 percent smaller than in Q3 of 2008, due to the natural decline and the curbed number of newly drilled oil wells or newly commissioned oil wells.

The Romanian natural gas output plunged 5 percent from the last Q3 amid the significant cut in demand – as a result of the partial shut down of fertilizer plants and of other industrial consumers in Romania. Investments in prospecting and production in Romania were by 42 percent lower on the same period in 2008 and were channelled to the drilling programme and the development of the most promising gas fields.

Petrom spent 68 million lei in this Q3 for prospecting, of which 61 million lei was recorded as spending and 7 million lei was capitalised. The domestic price achieved for crude in the first nine months of 2009 was 50.72 dollars per barrel, by 48 percent lower than during Jan.- Sept. 2008, following the depreciation of the national currency leu against the U.S. dollar.

Petrom group’s crude output totalled 24.94 million barrels (minus 3 percent), with the Romanian output amounting to 23.62 million barrels, by 3 percent lower than in the same period in 2008, due to the reduced number of newly drilled wells and the delayed commissioning of the key wells. The Romanian natural gas production stood at 3.963 billion cubic metres (minus 6 percent), Petrom announced.