The general shareholders meeting of Romanian oil and gas company OMV Petrom approved on April 19 an investment budget of RON4.17bn (€876.8mn), the company informed. The shareholders also approved the distribution of dividents for last year amounting to around RON1.53bn.
The majority of the investment planned for this year, around RON3.43bn, is in Upstream. Around RON551mn will be invested in Downstream Oil. The 2019 budget is based on an average Brent price of $70/bbl.
Upstream investment will partly mitigate the natural production decline given field maturity, the company said.
Oil and gas production in Romania, excluding new portfolio optimisation initiatives, is expected to decrease by 4% in 2019 versus 2018.
The ordinary general shareholders meeting approved the executive board’s proposal to distribute dividends of RON0.027/share for 2018, 35% higher than in the previous year. The total gross value of the dividends accounts for 38% of OMV Petrom Group’s net income attributable to stockholders in 2018. More than RON315mn will go to the Romanian state, which holds 20.6% of OMV Petrom shares through the energy ministry.
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