Romania's major oil and gas company OMV Petrom said in a trading update that its power generation units have not operated in Q2 while the refinery utilisation rate plunged to 31%, and the extraction operations have diminished as well.

The group's total hydrocarbon production decreased by 5% y/y in Q2 (to 113,700 barrels of oil equivalent per day), also decreasing compared to the result of the first quarter of 2023.

The negative evolution came in the context in which, for both oil and natural gas, the quantities extracted were lower compared to the second quarter of 2022.

In terms of sales volumes, things were not better either, with the company reporting decreasing levels, including in the refined products area.

The planned turnaround of the Petrobrazi refinery was prolonged by two weeks due to discovery maintenance. All units are gradually being restarted.

The company estimates the full impact of the turnaround on the Q2/23 Clean CCS Operating Result to be around mid-double-digit (in EUR value terms).

The Brazi power plant was closed for the entire quarter due to the previously announced extension of the shutdown.

iulian@romania-insider.com

(Photo source: Omvpetrom.com)