OMV Petrom profit down by 56 pc in the first half of the year

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OMV Petrom Romanian oil company’s net profit in the first half of this year stood at RON 867 million, by 56 pct less than in the similar period of last year, according to the half-year report.

Sales income was RON 10.069 billion, which means an 11 pct decline, explained by the oil company through the negative evolution of market prices and smaller sales volumes for oil products.

The result from the exploitation current acquisition cost stood at RON 1.25 bln, by 44pc less mainly due to the lower market prices.

The value of investments was RON 1.57 bln, while the equities paid for the 2019 financial year were higher by 15%-RON 1.7 bln.

OMV Petrom has won the auction for a perimeter of exploitation gas and crude oil from the Black Sea, in Georgia’s offshore area. Last year, OMV Petrom started new offshore drilling campaign in the shallow waters of the Istria block in the Black Sea.

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