Romgaz’s investments turn out to be 39% less than planned

Oil&Gas Materials 15 May 2021 11:29 (UTC +04:00)
Romgaz’s investments turn out to be 39% less than planned

BAKU, Azerbaijan, May 15

By Leman Zeynalova – Trend:

Romania’s Romgaz Group scheduled for the first 3 months of 2021 investments of RON 153.59 million and made investments of RON 93.78 million, by 38.94 percent namely RON 59.81 million less than scheduled, Trend reports citing the company.

On March 31, 2021, the company carried out investments of RON 91.93 million, namely 7.11% from Romgaz Annual Investment Program that amounts to RON 1,292.5 million. Compared to the similar period of 2020, the investments decreased by 42.22 percent, RON 91.93 million in Q1 2021 as compared to RON 159 million in Q1 2020.

Investments made in the first three months of 2021 were lower than in the similar period of 2020, influenced mainly by fewer drilling works as compared to Q1 2020 and by the difficulties incurred with the investment “Development CTE Iernut by building a new combined cycle gas turbine power plant”.

As regards successful achievements in Q1 2021 the company mentions: drilling works for 3 wells (2 exploration wells and a production well, total of 6118 m), finalising 2 wells (one exploration and one production well), 2 surface facilities, intervention works performed at 28 wells (recompletions, reactivation and repairs) – 15 wells belonging to Medias Branch and 13 wells to Targu Mures Branch, acquisition of gas chromatographs, gas meters for metering-regulation stations and 2 multifunctional excavators. The value of fixed assets in place in the first three months of 2021 was RON 55.01 million. For 2021, Depogaz Subsidiary has an approved investment program of RON 50.000 thousand. For the first three months of 2021, the Subsidiary had an approved investment plan of RON 11,683 thousand and achieved RON 1,851 thousand, representing 15.85 percent of scheduled investments.

Investment objectives with results in Q1 2020 are:

Surveillance system for Sarmasel gas compressor station: RON 50 thousand;

Triethylene glycol gas dehydration station for Group 145 Ghercesti: RON 1,733 thousand;

Systematising suction/discharge gathering pipes for Butimanu gas compressor station and junction with transmission gathering pipelines: RON 66.90, representing building permit fees;

Land related expenses for wells 172 and 173 from Bilciuresti UGS: RON 1.8 thousand.


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