OMV Petrom Q3 update: downstream recovers after maintenance in Q2

The capacity utilisation rate of the sole refinery operated by Romanian energy group OMV Petrom (BVB: SNP) returned to 95% in Q3 (31% in Q2) as the maintenance works were completed.

Total refined products sales returned to where they were last year (1.51 million tonnes) after a marked slowdown in H1.

At the same time, the upstream operations remain on the downside path (oil and gas as well). Thus, the hydrocarbon production decreased for the third quarter in a row, reaching 113,500 barrels of oil equivalent per day (boe/d) in Q3/2023, down 3.2% compared to the same period from 2022.

Both oil and gas output decreased, with a more marked decline for oil. The gas sales to third parties (8.6TWh) were lower compared to each of the previous two quarters but higher compared to the same period last year (6.92TWh).

The electricity production of Petrom’s Brazi gas-fired power plant returned to 1.48TWh in Q3 this year– at the same high levels seen in Q4 last year when the domestic demand and export potential were at the highest levels.

(Photo source: Solarisys13/Dreamstime.com)