Bloomberg News

OMV Petrom’s Gas, Oil Production Rose 1.1% in Fourth Quarter

February 03, 2012

Feb. 3 (Bloomberg) -- OMV Petrom SA, Romania’s largest oil company, said fourth-quarter oil and natural-gas production rose 1.1 percent from the previous three months.

Output grew to 186,000 barrels of oil equivalent a day from 184,000 in the third quarter as its new Totea field in southwest Romania was put into production and delivered approximately 1,500 barrels a day, Petrom’s majority owner OMV AG, based in Vienna, said today in a statement.

Gas sales volumes fell 9 percent in the fourth quarter to 1.44 billion cubic meters from 1.58 billion cubic meters in the same period of 2010 as a warm weather lowered winter demand from industrial consumers, according to the statement.

Petrom will delay the start of full commercial operations at its Brazi gas-fired power plant to the second half of the year, after “final tests were interrupted due to external technical factors,” OMV said.

--Editor: Zoe Schneeweiss

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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