ROPEPCA is concerned that GEO 27/2020 introduces new risks in the O&G Upstream segment
The Romanian Petroleum Exploration and Production Companies Association (ROPEPCA) warns that the changes brought to the Petroleum Law no. 238/2004…
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Exploration & production
Popa, OMV Petrom: For investment in the Black Sea we need a competitive fiscal framework, free market and stability
The project on the exploitation of Black Sea gas represents a huge opportunity for Romania and now is the best…
Popescu: The amendment of the offshore law cannot be done only by the Government
The amendment of the offshore law cannot be made only by the Government, but needs political consensus, because it is…
Romgaz: Discussions regarding the acquisition of a share in the Neptun Deep perimeter, blocked until next year
Discussions regarding the acquisition by Romgaz (SNG) of a stake in ExxonMobil in the offshore perimeter Neptun Deep were put…
FPPG: Recovery of the oil and gas sector, a joint effort of the state and industry
The oil and gas industry recognizes the shared responsibility in managing the health crisis and is ready to contribute in…
OMV Petrom and Romgaz, forced to sell 30% of the domestic production in the centralized markets
OMV Petrom and Romgaz will be obliged to auction for 3 years about 30% of the production in the centralized…
Rainer Seele sees hope for oil price recovery in second half
Austrian energy group OMV sees hope for a recovery in oil prices in the second half of 2020 helped by…
Decline of 25% of domestic gas production since early April
Domestic gas production continued its sharp decline in early May, falling by about 13% in just a few days, after…
FPPG: Digitalization of the O&G industry is blocked by the legislative framework
Digitalization is inaccessible to oil and gas companies in Romania, without declassifying data and information from the oil industry, says…
MOL Group reported an USD 152 mln. net loss in Q1
Today, MOL Group announced its financial results for Q1 2020. Large inventory and foreign exchange losses resulted in MOL reporting…
Verchere, about the Neptune Deep project: Time is not on our side
OMV Petrom wants to continue the Neptun Deep project, but legislative changes are needed to ensure stability, fiscal competitiveness and…
OMV Petrom estimates a 45% drop in fuel demand in the second quarter
OMV Petrom estimates a 45% drop in fuel demand in the second quarter of this year and a 20% year-round…
OMV Petrom: Operating results 21% lower in Q1, investments down by 30%
OMV Petrom had a 21% reduction in operating income to 975 million lei in the first quarter of this year.…
Nicolescu: The oil industry could be helped by giving up bioethanol imports for a while
The state could help the refineries by temporarily giving up bioethanol imports, said former Energy Minister Răzvan Nicolescu. “It is…
The price of US oil stays in negative territory at least for one more day
The price of oil has entered the negative territory on the US market, in the context of the wide reduction…
US WTI downs to the lowest prices in 21 years
The US oil price reached its lowest level since 1999, amid lower demand and record stocks. The US benchmark West…
Saudi Arabia buys stakes worth $1 billion in European oil companies
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes worth about $1 billion in four major…
The FPPG has 7 proposals for the recovery of the O&G sector
Economic recovery can be achieved through large-scale projects, writes the Federation of Petroleum and Gas Employers (FPPG), in a press…
OMV does not exclude the possibility of resorting to lay-offs due to the coronavirus crisis
Austrian OMV Group plans to expand its current four billion euro cost reduction program, said CEO Rainer Seele, who added…
MOL Group ensures continuous supply security with optimized operational and financial measures
MOL Group implements measures not only to mitigate the impact of the current situation on the Group, but also to…
Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting
Hopes are building for a truce in the brutal oil price war between Saudi Arabia and Russia, setting off a…
Virgil Popescu: Low oil prices could endanger the functioning of the oil and gas industry
The oil and gas industry is also hit by the current crisis, and very low oil prices may jeopardize the…
Global investments in E&P are expected to fall in 2020 by $100 bln, or 17%
The use of gasoline and other fuels is dropping as Saudi Arabia and Russia increase production, sending oil prices to…