Romgaz's net profit up 16.26 percent in Q1 2019 to RON 541 million

The Romgaz Group posted a net profit of RON 541.9 million in the first quarter of 2019, up 16.26 percent (plus 75.8 million lei) compared to the same period last year, and a turnover RON 1,713 billion, up 15.57 percent (plus 230.8 million lei), according to data released to the Bucharest Stock Exchange (BVB).

Group Income amounted to RON 1.684 billion (plus 19.71 percent) in the first three months, and RON 1.089 billion (plus 28.71 percent).

Gas production rose by 4.8 percent and 65.9 million cubic meters, from 1.36 billion cubic meters in Q1 2018 to 1.43 billion cubic meters in Q1 2019.

“The high level of production recorded in the first quarter of 2019 was supported by: maximizing the potential of the Caragele reservoir by completing some investment works to extend the productive infrastructure and connecting the wells to this infrastructure, continuing the rehabilitation projects for the main mature gas fields led to the cancellation of the production decline on these deposits, repairs and intervention operations in wells which resulted in the reactivation of a series of wells with significant flows, relocation of compression capacities to optimize the operation of some gas fields natural,” the company communiqué says.

On the other hand, as a result of periods of energy group unavailability during the works at the new plant, the issued electricity was 42.11 percent lower than in the same period last year (170.8 GWh vs. 287.3 GWh).

According to the cited source, these results were obtained when the natural gas imports remained at approximately the same level as in Q1 2018, Romania importing an estimated quantity of 9.3 TWh, and from the Romgaz gas stocks in the underground deposits was extracted by 1.2 TWh less than in the same period of 2018.

Estimated national consumption of gas for the first quarter of this year was 48.5 TWh, approximately 3 percent lower than the one recorded in the same period in 2018, of which approximately 9.33 TWh was gas import, and the difference of 39.2 TWh with domestic gas, to which Romgaz participated with 17.63 TWh, which represents 36.36 percent of national consumption and 43.48 percent of domestic gas consumption.

Romgaz’s market share declined by 2.7 percent compared to the market share recorded in Q1 2018.

The Romgaz Group carries out: exploration-production of natural gas; underground storage of natural gas; supply of natural gas; special operations and probe services; maintenance and transport services; production and supply of electricity; distribution of natural gas.