Romgaz reduces gas production

Oil&Gas Materials 27 February 2020 23:02 (UTC +04:00)
Romgaz reduces gas production

BAKU, Azerbaijan, Feb.27

By Leman Zeynalova - Trend:

Romgaz, Romania’s largest gas producer, has decreased its gas output in 2019, Trend reports citing the company.

“Gas production was 5,276.9 million cubic meters, 56.4 million cubic meters lower than the production recorded during the previous year (-1.06 percent) and 1.37 percent lower than budgeted,” Romgaz said in its preliminary consolidated annual report for 2019.

As regards electricity production, it decreased in 2019 as compared to the previous year by 49.4 percent due to investment works carried out at CTE Iernut, said the company.

“We recorded last year a 1.52 percent increase of the revenue and the estimated Net Profit margin was 28.11 percent, increasing by 2.98 percent as compared to 2018,” said Romgaz.

The company recorded an 11 percent increase of consolidated revenue from natural gas storage activities as compared to 2018, highly influenced by booking services.

EBITDA related to 2019 remains at a high level of 50.37 percent related to the revenue, according to the report.

Romgaz is the largest natural gas producer and the main supplier in Romania. The company is listed on Bucharest Stock Exchange and GDRs are traded on London Stock Exchange. The majority shareholder is the Romanian State owning a 70 percent stake. The company has a vast experience in the field of gas exploration and production, with a history that began in 1909 and spans more than 100 years. Romgaz undertakes geological exploration with the aim of discovering new gas reserves, produces methane by exploiting the reservoirs included in the company’s portfolio and stores natural gas in underground storages; it performs well interventions, workover and special operations, and ensures professional technological transportation services.