Information  X 
Enter a valid email address

OMV Petrom S.A. (PETB)

  Print      Mail a friend

Thursday 13 June, 2019

OMV Petrom S.A.

Hurezani gas treatment system completed

RNS Number : 1458C
OMV Petrom S.A.
13 June 2019
 

 

 

 

 

 

 

 

                            

OMV Petrom S.A.                                         

Investor News

June 13, 2019

 

Approx. 50 million euro investment for gas treatment plant at Hurezani

 

►  Hurezani gas treatment system completed

►  Part of a 200 million euro investment program to develop Hurezani as gas hub serving gas production in South-East Romania

 

OMV Petrom invested around 200 million euro between 2010-2019 for development of a centralized gas treatment hub serving domestic gas production in the South-East of Romania. The latest stage of this project consisted in an investment of 50 million euro starting 2017, for a new efficient gas treatment process. Currently, the unit is tested and is expected to become fully operational in July.

"The Hurezani gas hub serves four of the most important gas producing fields in OMV Petrom's portfolio, located in Gorj county and includes the largest gas treatment facility in the country. This investment allows Romania to benefit from reliable gas supply now and in the future", said Peter Zeilinger, member of OMV Petrom Executive Board responsible for Upstream.

The approx. 50 million euro investment covered the construction of a gas treatment facility with a maximum capacity of 6 million standard cubic meters of natural gas per day, which ensures separation of natural gas from condensate, based on a low temperature separation process. Also, pipeline infrastructure of over 12 kilometers was built as part of same investment to ensure connection to both production sites and national transport systems for gas and condensate.  

In 2018, production from the fields connected to the Hurezani centralized gas treatment hub amounted to 1.5 billion standard cubic meters, which is equivalent to the energy for heating 1.4 million homes.

Approximately 200 million euro were invested for developing the Hurezani centralized gas treatment hub, in three stages. This included 135 million euro for the gas compression unit commissioned in 2010, around 13 million euro for the dehydration unit commissioned in 2015 - which removes water from natural gas, and approximately 50 million euro for the latest project - CHD Hurezani (Centralized Hydrocarbon Dewpoint Hurezani). The latest phase, which includes gas treatment units and pipeline infrastructure, completes the overall gas compression and treatment chain.

The new gas treatment facility reflects latest industry standards in terms of technology. The project increases energy efficiency and contributes significantly to the reduction of greenhouse gas emission, while ensuring safe operations for the infrastructure on the long-term future.

Construction works started in 2017 and amounted to approximately 500,000 man-hours, without HSSE incidents.

 

 

About OMV Petrom

OMV Petrom is the largest energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 58.3 million boe in 2018. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through 792 filling stations, at the end of March 2019, under two brands - OMV and Petrom.

OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.011% stake in OMV Petrom. The Romanian State, through the Ministry of Energy, holds 20.639% of OMV Petrom shares, Fondul Proprietatea holds 9.998%, and 18.352% is the free float on the Bucharest Stock Exchange and the London Stock Exchange.

OMV Petrom is the largest contributor to the state budget, with contributions of 27.8 billion euro in taxes and dividends paid between 2005 and 2018. Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007-2018, the company has allocated approximately 52.5 million euro to develop communities in Romania, focusing on environmental protection, education, health and local development.

 

Contact:

OMV Petrom Investor Relations

Tel: +40 372 161930, Fax: +40 372 868518

E-mail: [email protected]

                                                                       


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCLLFSVRAIVLIA

a d v e r t i s e m e n t