The decline was most likely because of the natural decline of the deposits.
The state-run company drilled 5.4% less gas, 7.95 million instead of 8.4 million boe in the first quarter of 2022, while electricity production was 6% lower.
“This report provides preliminary information on important operational indicators of Romgaz Group for the quarter ended March 31, 2023. The information on this report may undergo changes and may differ from those that will be published in the Q1, 2023 report. The Q1, 2023 consolidated results will be published on May 12, 2023.”
Romgaz, which is 70% state-owned via the Energy Ministry, has RON15.2 billion capitalization and its shares have lost 12% in the past twelve months on a market that has lost 4.3%.
(English version by Loredana Fratila-Cristescu)