OMV Petrom’s hydrocarbon output stood at 182,000 boe/day in the fourth quarter of 2014 and at 174,000 boe/day in the third of 2015.
On group level, Austrian OMV, which controls OMV Petom, registered a hydrocarbon output of 309,000 boe/day in the fourth quarter of 2015, lower than 318,000 boe/day in the same period in 2014, but 6% higher than in the third quarter of 2015 when output stood at 292,000 boe/day, OMV said in a report.
The 6% increase was due to the contribution of OMV’s Black Sea exploitations and to its operations in Romania, “where natural gas sales volumes were higher, following works scheduled in the third quarter,” according to the report.
The continuous decline in oil prices and the elevated market volatility prompted OMV to revise its oil price forecasts. Thus, the group considers a price of $40/per barrel of Brent crude oil for 2016 and of $55 for 2017. Natural gas prices are also affected by difficult conditions on the European market, OMV also said in its report.
OMV Petrom is 51% owned by Austrian group OMV. The Romanian state holds a 20.63% stake, via the Energy Ministry, investment fund Fondul Proprietatea owns a 18.99% stake and the remaining shares are distributed among other shareholders.