December 7, 2010
- Continuity in gas delivery started in May 2010
- Currently, approximately 4.5 mn cbm of gas are delivered daily through Hurezani delivery point
- Total budgeted investments amount to around EUR 135 mn
Petrom, the largest oil and gas producer in Southeastern Europe, has officially inaugurated the Hurezani gas delivery system, which was designed to optimize the gas deliveries in the national transportation network. The Hurezani gas delivery system includes a new compressor station at Bulbuceni, 11.5 km of new connection pipeline and a new gas metering station at the delivery point in Hurezani, to meet the new gas flow and pressure parameters. Total budgeted investments amount to approximately EUR 135 mn.
Johann Pleininger, Petrom Executive Board member, responsible for Exploration and Production: "First gas delivery in the system took place at the end of May 2010 and since that moment there were no interruptions in gas delivery. This is a very important achievement, as we are contributing in this way to the security of gas supply. With this new investment finalized in a crisis period we demonstrate our engagement for the development of a competitive gas market in Romania".
"Security of supply is a top issue on the public agenda, but we should rather look how difficult it is to secure the needed investments taking into account both the difficulties caused by the economic crisis as well as the challenges of the Romanian gas market. Natural gas represents a significant part of the Romanian energy mix and we are fortunate that Romania is still able to supply, for the time being, ¾ of the domestic demand, after more than 100 years of production. But the entire gas infrastructure requires huge investments in order to maintain Romania’s advantages on this segment", added Mariana Gheorghe, Petrom CEO.
The Hurezani project ensures the gas delivery from mature fields with low reservoir pressure located in the South-West of Romania to the main customers located in South-East of Romania. With the new Bulbuceni compressors station, the gas pressure can be increased to up to 40 bars and thus interruptions caused by higher levels of the pressure in the national transportation network can be avoided.
The Bulbuceni compressor station combines the latest technology and facilities and observes all European safety standards. The station receives gas from five fields in the area. Starting from May, around 2 mn cbm of gas have been delivered daily through Hurezani delivery point. Currently, the daily gas volume delivered in the network has increased to 4.5 mn cbm by adding the gas coming from Turburea deethanizing plant.
Petrom Group is the largest oil and gas group in South-eastern Europe, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. The Group consolidated its position on the oil market in South-eastern Europe following a far-reaching modernization and efficiency increase process whereas investments accounted for more than EUR 5 bn during the last five years.
In Romania and Kazakhstan, the Group exploits proved oil and gas reserves of approximately 854 mn boe (in Romania 823 boe) and has a maximum annual refining capacity of 8 mn tons.
On the distribution market of oil products, Petrom Group is present through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. The activity in Romania is performed through OMV Petrom Marketing, 100% owned by Petrom. OMV Petrom Marketing operates 546 filling stations, out of which 389 are Petrom and 157 OMV. The Group also owns an international network of approximately 250 filling stations, located in Republic of Moldova, Bulgaria and Serbia.
For the Group’s sustainable development, its strategy includes business diversification by approaching the power market. In this context, Petrom is building a 860 MW gas fired power plant at Brazi and acquired the project for the construction of a 45 MW wind park.
In 2009 the Group’s turnover was EUR 3,795 mn, EBITDA was EUR 969 mn. OMV, the leading energy group in Central and South-eastern Europe holds a 51.01% share in Petrom. OMV is active in 12 Central European countries in its Refining and Marketing business segment and in 16 countries on four continents in Exploration and Production. Ministry of Economy holds 20.64% of Petrom shares, Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.03% and 6.21% is free float on Bucharest Stock Exchange.