With the newly added well, the gas production from the Totea field, could provide heating for over 500,000 households.
As OMV Petrom published their key performance indicators, we are bringing you their key takes. The company notes that the Q3 2019 report will be published on 30 October 2019 and that the information contained in this trading update may be subject to change and may differ from the final numbers of the quarterly report.
| wdt_ID | Economic environment | Q3/18 | Q4/18 | Q1/19 | Q2/19 | Q3/19 | YoY change (%) |
|---|---|---|---|---|---|---|---|
| 1 | Average Brent price (USD/bbl) | 75,16 | 68,81 | 63,13 | 68,86 | 62,00 | -17,51 |
| 2 | Average Urals price (USD/bbl) | 74,16 | 68,33 | 63,42 | 68,82 | 61,95 | -16,46 |
| 3 | Average USD/RON FX-rate | 4,00 | 4,08 | 4,17 | 4,23 | 4,26 | 6,51 |
| 4 | Average EUR/RON FX-rate | 4,65 | 4,66 | 4,74 | 4,75 | 4,73 | 1,83 |
| wdt_ID | Upstream | Q3/18 | Q4/18 | Q1/19 | Q2/19 | Q3/19 | YoY change (%) |
|---|---|---|---|---|---|---|---|
| 1 | Total hydrocarbon production (kboe/d) | 160,00 | 156,00 | 153,00 | 151,00 | 150,00 | -6,30 |
| 2 | - thereof crude oil and NGL production (kboe/d) | 74,00 | 72,00 | 71,00 | 72,00 | 71,00 | -4,10 |
| 3 | - thereof natural gas production (kboe/d) | 87,00 | 84,00 | 82,00 | 79,00 | 79,00 | -9,20 |
| 4 | Total hydrocarbon sales volume (mn boe) | 13,70 | 13,30 | 12,80 | 13,00 | 13,10 | -4,40 |
| 5 | Average realized crude price (USD/bbl) | 66,35 | 59,71 | 55,66 | 60,26 | 53,99 | -18,60 |
| wdt_ID | Downstream Oil | Q3/18 | Q4/18 | Q1/19 | Q2/19 | Q3/19 | YoY change (%) |
|---|---|---|---|---|---|---|---|
| 1 | Indicator refining margin (USD/bbl)* | 6,62 | 5,27 | 3,62 | 3,85 | 6,46 | -2,40 |
| 2 | Refinery utilization rate (%) | 98,00 | 99,00 | 96,00 | 94,00 | 99,00 | 1,00 |
| 3 | Total refined product sales (mn t) | 1,39 | 1,35 | 1,18 | 1,39 | 1,49 | 7,20 |
*The actual refining margins realized by OMV Petrom may vary from the indicator refining margin due to different crude slate, product yield and operating conditions
| wdt_ID | Downstream Gas | Q3/18 | Q4/18 | Q1/19 | Q2/19 | Q3/19 | YoY change (%) |
|---|---|---|---|---|---|---|---|
| 1 | Gas sales volumes to third parties (TWh) | 7,54 | 9,74 | 9,79 | 9,11 | 11,22 | 48,80 |
| 2 | Net electrical output (TWh) | 1,04 | 1,48 | 1,08 | 0,05 | 1,00 | -3,80 |
New gas discovery in Oltenia region
Besides that, OMV Petrom published a document regarding the new gas discovery in Oltenia region, which is in the proximity of producing Totea field.
The company notes that the drilling of the well Totea 4461 was started in January 2018 and reached final depth in September 2018. The well was successfully tested in April 2019 up to 500,000 cubic meter of gas per day. Tie in to the Totea facilities through a new built pipeline was achieved in less than a year and the experimental production to test the potential and extent of the new accumulation has been started. Investments in the new well and facilities amount to roughly EUR 50m, in addition to the EUR 200m already spent since 2011 for the development of the gas infrastructure in the Totea area.
Development works included drilling of five deep gas wells and construction of the 4540 Totea surface production facilities. With the newly added well, the gas production from the Totea field, could provide heating for over 500,000 households.
