“By extending its oil price hedges into 2012, Petrom secures its strong financial position needed to support the company’s investment program, notwithstanding a potentially highly volatile oil price environment,” Petrom said in a statement.
Petrom purchased oil swaps for a fixed price of approximately $101 per barrel for a production volume of 30,000 barrels per day.
At around 15:10 GMT Wednesday, the Brent crude price was $102.1 per barrel.