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Petrom pumps Ç800 million in Exploration & Production

Oil and gas company OMV Petrom, held by Austrian-based OMV, said it would invest around €800 million in its Exploration & Production business line, Head of Design and Engineering at Petrom, Gabriel Selischi said at a natural gas forum.
“In 2009, OMV Petrom invested around one billion euro of which 60% went to Exploration and Production line. In 2010 and 2011, we plan on boosting investments in E&P. For us, tapping mature fields, as well as the reduction of pressure in deposits are major challenges for us”, said Gabriel Selischi, Head of Design and Engineering at OMV Petrom.

OMV Petrom has planned 6.9 billion lei investment this year, 67% above year-ago level. The biggest portion of this amount (51%) will be allocated to E&P line, 25% to Gas & Power, 15% to Refining, and remaining to Marketing and Corporate. OMV invested 4.1 billion lei in 2009.

The company said it would invest around €1.2 – 1.5 billion on an annual basis in the coming years.

Petrom is the largest Romanian company with operations in Exploration and Production, Refining and Marketing, Natural Gas and Energy. Petrom has proved oil and gas reserves of 823 mn boe, a maximum refining capacity of 8 million metric tons per year, approximately 550 filling stations in Romania and 268 filling stations in Moldova, Bulgaria and Serbia.

In 2009, the turnover of the company was € 3.029 billion and EBITDA was €696 million. OMV, energy industry leader in Central and South-East Europe holds 51.01% interest in Petrom.OMV runs Refining and Marketing operations in 12 countries, and Exploration and Production in 17 countries across four continents. The Ministry of Economy holds 20.64% in Petrom, Fondul Proprietatea holds 20.11%, European Bank for Reconstruction and Development 2.03% and 6.21% of the company’s shares are traded at the Bucharest Stock Exchange.

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