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Romania: Crude oil production 2.9 percent decrease in the first half of 2018

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Data from the National Institute of Statistics (INS) shows that Romania imported about 4.18 million tonnes of oil equivalent (tep) of crude oil in the first six months of 2018, a figure that is 26 percent higher compared to the same period of 2017.

Crude oil production totalled 1.67 million tep, a 2.9 percent decrease from H1 2017.

Growing dependency on imports can only be avoided on the medium and long term by encouraging exploitation and production activities and by increasing fuel efficiency, according to the INS.

The post Romania: Crude oil production 2.9 percent decrease in the first half of 2018 appeared first on EnergyWorld Magazine.

Romania: Rompetrol, a premiere for the city of Bacau – its first EV charging station

Пон., 08/20/2018 - 17:55

Rompetrol Downstream, the retail division of KMG International Group in Romania, inaugurates today a new Rompetrol station in Bacau, on Milcov Street no 5A, the company informs.

This is the third unit in the city and it comes in addition to the other gas stations located on the European road E85, that connects Bucharest and Suceava (Stefan cel Mare Street no 66 and Republicii Street no 100).

For the first time in the city of Bacau, the new unit is endowed with an EV charging station, a free service offered to all Rompetrol customers who own electric or hybrid cars. This service has become also available at the Rompetrol station on Republicii Street no 100.

“The company continues to develop and consolidate its presence in Bacau and to cater to the needs of its customers by means of new fuel stations, innovative products and services. The efforts of the company are fully supported by over 120 Rompetrol employees, both in the city, where we have three gas stations, but also in the county where we operate another six fuel distribution stations. Our  fuel that is produced by the largest refinery in Romania and one of the most modern in the Black Sea region – Petromidia Navodari. Our LPG bottle-filling terminal in Itesti enhances our presence as well”, stated Vlad Rusnac, Chief Retail Officer of KMG International and General Manager of Rompetrol Downstream.

The post Romania: Rompetrol, a premiere for the city of Bacau – its first EV charging station appeared first on EnergyWorld Magazine.

Albania: Energy sector sets targets by 2030

Пон., 08/20/2018 - 11:35

Author: Dr Lorenc Gordani

Legal Consultant on the Albanian Energy Market

The recent meeting of the Council of Ministers among other things saw the adoption of a new strategy for the energy sector by 2030. The drafting of which is the result of a process that has lasted for several years and has been in previous presented to the public on March 26, 2018.

The new strategic framework in ongoing based on two main pillars: the development of reforms to foster market liberalisation and regional integration, and huge investment on sustainable development driven by participation in the Energy Community initiative and in particular at international level by the Paris Agreement for climate change.

The 2018-2030 energy strategy comes after a period of dynamic changes for the economy as a whole and in particular for the energy sector. The sector is experiencing important structural reforms based on a new set of laws, normative and regulatory acts. Its approved open now the possibility of pursuing the country’s strategic objectives to allow full integration into the European energy infrastructure.

A framework that will serve as a basis for the development of the Integrated Energy and Climate Plan in 2018. All to build a package to address and adapt to the Albanian context, the five dimensions of the Energy Union Strategy, in accordance with the process of the negotiations that will be open shortly related to the preparation of accession negotiations process, leading to a higher level of energy security, sustainability, competitiveness, etc.

The post Albania: Energy sector sets targets by 2030 appeared first on EnergyWorld Magazine.

Romania, Bucharest: Anti-Government protests continue in the Capital city

Вт., 08/16/2018 - 18:51

Despite the sweltering heat and the start of a long weekend, groups of hardcore demonstrators gathered again outside the Government building in Bucharest for a sixth night in a row on August the 15th.

A couple of hundred people demanding the resignation of Romania’s leftist government, which they accuse of corruption and attacks on the rule of law, chanted slogans against the government and the ruling Social Democratic Party (PSD), accompanied by the noise of vuvuzelas and monitored by regular police.

Unlike the previous couple of nights, and despite the smaller number of protesters, a pair of dark-clothed riot police was also standing guard on the sides of Victoria Square, and refused to allow people to take their pictures.

The government has decreed a five-day vacation starting on August 15, and although the decision was made months ago, some of the protesters in the square vented furiously against the decision, calling it a bribe by the government for state employees.

Some protesters told RFE/RL that they had jobs in the private sector and would keep going to work every day during the short vacation. But they said they would still keep coming to the protest every evening after work.

 

 

Read more about the ongoing protests in Romania on RadioFreeEurope/RadioLiberty.

The post Romania, Bucharest: Anti-Government protests continue in the Capital city appeared first on EnergyWorld Magazine.

Romania: Lower profit for Romgaz in the first six months

Вт., 08/16/2018 - 12:38

State-owned Romgaz Medias, the biggest gas producer in Romania, recorded revenues of RON 2.47 billion (EUR 531 million) in the first half of this year, up 3.4% compared to the same period of 2017.

The company’s net profit, however, dropped by 10% to RON 797 million (EUR 171 million) as the expenses increased by 18%, to RON 1.5 billion (EUR 322 million). The bottom line was mainly influenced by higher royalties the company had to pay starting February.

The post Romania: Lower profit for Romgaz in the first six months appeared first on EnergyWorld Magazine.

Romania: Transgaz posts 30 pct profit drop

Вт., 08/14/2018 - 12:51

Romania’s monopoly gas transport system operator Transgaz had posted a 30 percent lower net profit for the first half of 2018 compared to the same period of 2017 as a result of its 11.5 percent lower revenues and a 3.61 percent increase in expenditures, according to Profit.ro.

The company’s net profit was RON 279 million, while the turnover dropped by 14 percent, from RON 1 billion in H1 2017 to RON 883 million in H1 2018.

The internal gas transport activity decreased by 19 percent to RON 631 million, while international gas transport dropped by 8.5 percent to RON 160 million. Tranzgaz’s exploitation revenues were 16 percent lower than in the first half of 2017, down to RON 823 million.

Transgaz says its total revenues were mainly influenced by the RON 87.3 million drop in revenues obtained from the volumetric component due to the RON 1.1/MWh lower volumetric transport tariff, with a negative impact of RON 8 million, as well as by the lower gas quantity transported compared to H1 2017, which had a negative impact of RON 79.3 million.

The post Romania: Transgaz posts 30 pct profit drop appeared first on EnergyWorld Magazine.

Romania: Hidroelectrica posts record RON 962 million net profit in H1 2018

Пон., 08/13/2018 - 12:44

State-owned power producer Hidroelectrica, the biggest electricity producer in Romania, recorded a net profit of RON 962 million (EUR 207 million) in the first half of this year, up by a third compared to the same period of 2017.

The company’s turnover also went up by 19%, to RON 1.99 billion (EUR 428 million).

Meanwhile, the operational costs went down by 2%, to RON 868 million (EUR 187 million).

Hidroelectrica produced 20% more electricity in the first half, namely 9.17 TWh.

The post Romania: Hidroelectrica posts record RON 962 million net profit in H1 2018 appeared first on EnergyWorld Magazine.

Romania: Annual inflation rate drops to almost 4,6 percent for the month of July

Пет., 08/10/2018 - 16:31

The annual inflation rate, which measures the evolution of consumer prices in the last year, dropped to 4.56% in July this year, from 5.4% the month before, according to data from the National Statistics Institute (INS).

In July, food prices increased by 3.42% year-on-year while the prices of non-food products went up by 6.23% and those of services increased by 2.68%.

Compared to December 2017, the highest price increases were registered in July for air transport – 15.86%, natural gas – 10.43%, other vegetables and canned vegetables – 9.18%, fresh fruits – 6.88% and citrus fruits – 6.71%.

The central bank BNR expects the annual inflation rate to remain flat in the third quarter and start to decline in the last quarter.

The bank’s board decided on Monday, August 6, to keep the monetary policy rate unchanged at 2.5% per year.

 

 

 

Source: National Statistics Institute August report.

The post Romania: Annual inflation rate drops to almost 4,6 percent for the month of July appeared first on EnergyWorld Magazine.

Romania: OMV Petrom drills first multilateral offshore well

Пет., 08/10/2018 - 12:46

Romanian oil and gas group OMV Petrom started production from a new offshore well, the first multilateral well drilled in Romania.

Drilling works started in February, being part of the offshore campaign the company announced in September 2017.

“Multilateral drilling is a new technology that allows us to reach different target zones within a reservoir through a single well. Multilateral wells allow us to recover additional resources from our mature fields and to increase production, while managing costs. I am proud that this new technology was successfully implemented in OMV Petrom”, said Peter Zeilinger, member of OMV Petrom Executive Board, responsible for Upstream.

The investment for drilling the well and connecting it to existing infrastructure amounts to some EUR 30 million. The well has two branches which were drilled at a length of 3,200 meters, respectively 2,200 meters below the seabed.

The post Romania: OMV Petrom drills first multilateral offshore well appeared first on EnergyWorld Magazine.

Yannis Bassias will speak at EPOCH 2018 about Greece

Вт., 08/09/2018 - 08:58

Yannis Bassias, President & CEO of Hellenic Hydrocarbons Resources Management, who manages upstream activities and licensing, has announced the topic to be presented by him at EPOCH 2018. He will be talking about ‘Exploration and Production Perspectives in Greece’ during the plenary session on December, 3rd. Plenary session normally features global trends that are to be taken into consideration and could influence companies’ policy.

Another speaker of the same session is Lebanese Petroleum Administration, a Governmental body that will present updates on the 2nd offshore licensing round for Lebanon Oil and gas. This round, as the previous one, enjoys attention from major oil&gas companies including from Russia, Americas and Middle East.

Exploration and Production Offshore Congress Hub 2018 gathers the whole upstream value chain – E&P Companies, EPC Contractors, Drilling Contractors, Service Providers, Equipment Manufacturers. It takes place in Thessaloniki, on December, 3-4 and is co-hosted with Hellenic Petroleum S.A.

The post Yannis Bassias will speak at EPOCH 2018 about Greece appeared first on EnergyWorld Magazine.

Romania: Transgaz has for auction the export and import capacities of natural gas at the border with Hungary and Bulgaria

Ср., 08/08/2018 - 11:25

Transgaz published on its site the announcements regarding the sale by auction of the export – import capacities of gas from and to Hungary and Bulgaria for the gas year 2018 – 2019.

Thus, the grid operators interested to keep its capacity for import or export in relation with Hungary at Csanadpalota or in relation with Bulgaria through the pipeline Giurgiu-Ruse had to be registered until 27th July so that until 31st July present the guarantee of participation to the auction, both at Transgaz and the grid operator of Hungary and Bulgaria respectively.

The auctions for aggregated/non-aggregated capacity will start on 6th August 2018 at 07:00 (UTC) and 09:00 of Hungary (CET) and 10:00 of Romania (EET) respectively.

Within the auction, the grid users can bid for the requested capacity in successive steps, by applying pre-determined price intervals.

The grid users whose bid won the auction have to pay the capacity tariff for the capacity which was obtained, the auction commission calculated on the basis of the price interval, the volume tariff for the transported quantity, the Transgaz announcement says.

The post Romania: Transgaz has for auction the export and import capacities of natural gas at the border with Hungary and Bulgaria appeared first on EnergyWorld Magazine.

Romania: BSOG completes exploration drilling program in the Black Sea

Пон., 08/06/2018 - 12:41

Black Sea Oil & Gas SRL (“BSOG”), together with its co-venture partners, announce the completion of a two well exploration drilling program in the XV Midia block, offshore Black Sea.

Two exploration wells drilled by Black Sea Oil & Gas in the Midia block, in the Romanian Black Sea section, haven’t delivered the expected gas discoveries.

The company, which is owned by US investment fund Carlyle International Energy Partners and the European Bank of Reconstruction and Development (EBRD) had previously found natural gas in the Midia block with two other exploration wells.

The company has postponed making a decision on whether it will start commercial exploitation of Black Sea gas to the last quarter of this year and is waiting for the Romanian authorities to finalize the legislation on offshore operations. The Parliament adopted the offshore law at the beginning of July, but President Klaus Iohannis sent it back for review on August 2 and the ruling coalition said it planned to change some of its provisions by emergency ordinance.

The post Romania: BSOG completes exploration drilling program in the Black Sea appeared first on EnergyWorld Magazine.

Black Sea Oil & Gas SRL completes the two well exploration drilling program in the Black Sea

Пет., 08/03/2018 - 12:37

Black Sea Oil & Gas SRL (“BSOG”) together with its co-venture partners announce the completion of a two well exploration drilling program in the XV Midia block, offshore Black Sea.

The drilling campaign was initially scheduled to start in Q4 2017, subject to rig availability. BSOG used the drilling unit “GSP Saturn” for this campaign. GSP Saturn is a four-legged, self-elevating jack-up, with a track record in world-wide operations. It was previously located in Rotterdam, the Netherlands.

The first well on the drilling program, Iulia-1, located in 73m water depth and 115km offshore, was spudded on 8 May 2018 and was drilled up to 2110m (Pontian formation). The second well, Paula-1, located in 88m water depth and 147km offshore, was spudded on 17 June 2018 and was drilled up to 1036m (Dacian formation). The Iulia-1 well did not encounter any (gas bearing) reservoir in the Upper Pontian, and the net pay and volume of dry gas discovered at Paula-1 did not prove commercially viable for testing. Paula-1’s results confirm the potential of the Dacian play which is already associated with Ana and Doina discoveries.

Mark Beacom, BSOG Chief Executive Officer, commented: “This offshore drilling campaign demonstrates the risks that are inherent in trying to find gas resources offshore in the Black Sea where the chance of success is no greater than 25%.  Successful efforts in this drilling campaign would have not only added gas resources to the country, thereby increasing its security of supply, but also made use of the infrastructure that is being proposed for the Midia Gas Development Project (“MGD”). Although the campaign did not deliver the expected gas discoveries, from an operational and HSE point of view, the wells have been successful.”

With respect to the MGD Project, the Concession Holders have been working towards a final investment decision for the last two years. Romania needs discoveries in the Black Sea to be brought forward to successful development in order to realize significant benefits, such as long-term high-quality employment, tax and royalties being paid to the state and energy security for the country. It will also contribute to the possibility of attracting other gas-related investments including gas fired power generation and petrochemical industries. The Offshore Law that was sent back to Parliament on 2 August 2018 needs to address the timely resolution of regulatory processes, gas market structure, fiscal regime and stability to bring these efforts forward to development. Assuming timely resolution for all these issues, BSOG plans to take its Final Investment Decision in Q4 2018.

The post Black Sea Oil & Gas SRL completes the two well exploration drilling program in the Black Sea appeared first on EnergyWorld Magazine.

Romania: Gas prices for household consumers increase starting August 1

Ср., 08/01/2018 - 11:34

The price of gas for household consumers in Romania will increase by 5.83% starting August 1, the energy sector regulator ANRE announced.

The authority said it decided to approve this price increase at the suppliers’ request due to higher costs, Agerpres reported.

The price of gas from the domestic production has increased after April 1, 2017, when the authorities ended its price control policy.

The Finance Ministry recently published a draft decision for capping the price of gas sold by domestic producers at RON 55 per MWh until June 30, 2021, but the project was removed from the ministry’s website one day after it was announced.

Currently, the price of gas sold by domestic producers isn’t controlled by the state but the price of gas paid by final household consumers is regulated by ANRE. Thus, when producers increase prices, suppliers also put pressure on ANRE to increase the regulated price.

 

The state also gains from higher gas prices as the producers pay a 60% tax on the extra revenues made from the gas price increases. Two companies, namely OMV Petrom and Romgaz cover over 90% of the domestic gas production while the dominant gas suppliers are German group E.On and French group Engie, which also manage the biggest distribution networks in the country.

The post Romania: Gas prices for household consumers increase starting August 1 appeared first on EnergyWorld Magazine.

Romania: Less electricity produced in 2017 compared to 2016 and 2015

Пон., 07/30/2018 - 12:32

In 2017, Romania produced 63.6 terawatt per hour, by 2 percent less than in 2016 and by 2.4% less than in 2015, reads a report by British Petroleum (BP).

The largest electricity productions in Europe were provided by Germany (654.2 terawatt / hour), France (554.1 terawatt/hour) and Great Britain (335.09 terawatt). Large productions in Europe were also supplied by Italy (295.5 terawatt), Turkey (295.5 terawatt) and Spain (275.4 terawatt).

Globally, China ranks first (6495 terawatt / hour), USA come second, with 4281.8 terawatt and India third, with1497 terawatt.

The most used electricity source in Europe was nuclear energy, with coal coming second and natural gas third.

The post Romania: Less electricity produced in 2017 compared to 2016 and 2015 appeared first on EnergyWorld Magazine.

World, Oil market: The oil barrel prospects for the second semester of 2018

Пет., 07/27/2018 - 14:04

Since last July, the cost for a barrel Texas Tea has marched more than 42% higher.

But we knew 2018 was going to be a good year, didn’t we? To be fair, we talked all about the bullish catalysts that were in the pipeline in an oil outlook I penned last September.

It was clear to us that the fundamentals were strengthening and the imbalance was working itself out.

At the time, the EIA had forecast that WTI prices would rise slightly, averaging $49.58 per barrel.

Keep that in the back of your mind as WTI crude looks for its next run to $75 per barrel. Then again, EIA forecasts were made to be revised.

Today, the EIA’s latest Short-Term Energy Outlook projects that WTI prices will average $65.95 per barrel in 2019, then decline slightly from that price level next year.

Before we start delving into next year’s forecast, however, it’s worth looking at why the second half of 2018 could be very bullish for oil.

Scouring the headlines today, there’s no question that you’ll find a myriad of reasons oil prices are gearing up for a good run.

Perhaps it was the latest presidential caps-lock tirade against Iran. While I’m not buying into the idea that this tweet will spark the Armageddon that the mainstream media believes, it does tell us something important.

 

 

Read more on this analysis here: Energy&Capital.

The post World, Oil market: The oil barrel prospects for the second semester of 2018 appeared first on EnergyWorld Magazine.

Romania: Lowest energy prices during peak consumption hours

Вт., 07/26/2018 - 11:50

The price of electricity on the Romanian spot market on Tuesday was the smallest from all the markets with which our country is coupled in the region, being even 25% lower in the peak hours of consumption, according to the data posted on OPCOM’s website, business-review.eu reports.

Thus, the spot market price (Next Day Market) in Romania had an average of EUR 40.95 per MWh at the full day.

For comparison, on the Hungarian market, the price was EUR 55.84 per MWh, in Slovakia EUR 55.57 per MWh, and in the Czech Republic EUR 55.57 per Mwh.

The post Romania: Lowest energy prices during peak consumption hours appeared first on EnergyWorld Magazine.

Romania: Finance Ministry removes draft bill on capping domestic gas price from its website

Ср., 07/25/2018 - 14:36

The Finance Ministry removed the draft bill on capping the price of gas extracted in Romania from its website as the measure is still discussed internally within the ministry, according to sources quoted by Profit.ro.

The draft bill, which provided that the price of gas from domestic production would be capped at RON 55 per MWh, compared to a current price of some RON 77 per MWh, was published on the ministry’s website last week after the measure was first announced by prime minister Viorica Dancila’s adviser Darius Valcov.

The shares of OMV Petrom and state-owned Romgaz went down significantly after the project was made public as the measure would significantly impact their results. Investment fund Fondul Proprietatea, which owns a minority stake in OMV Petrom, said on Friday that such a measure would “flagrantly breach already approved legislation, as well as Romania’s obligations as EU member state to observe the free market principles and liberalise the gas market”.

Moreover, Romania’s energy independence would be put at risk and the country may have to rely on external sources of gas at higher prices that the Government will have no control over, according to the fund. “Arbitrarily capping gas prices would throw Romania back in time, as the Ministry of Finance’s proposal backtracks the entire liberalization process that took years to complete and jeopardizes any future investment in the Black Sea, which is essential for Romania’s energy independence,” said Johan Meyer, Fondul Proprietatea’s manager.

The post Romania: Finance Ministry removes draft bill on capping domestic gas price from its website appeared first on EnergyWorld Magazine.

Europe: Vostock Capital publishes free report on investment projects for the construction and modernisation of Hydropower Plants

Вт., 07/24/2018 - 18:29

Prior to the 2nd annual International Summit and Exhibition “Hydropower Balkans 2018”, Vostock Capital team of analysts has conducted a research on the investment projects for the construction and modernisation of Hydropower Plants in the Balkan region, which covers:

  • List of the most promising investment projects of the region(construction and modernization of large and small HPPs)
  • Criteria for selection of technologies and equipmentby heads of HPP operators
  • Innovative developments and technologieswhich will help in the development of hydropower projects
  • Analytics of Balkans hydropower market and many other important results for industry development.

 

Request the investment projects report here:

https://www.hydropowerbalkans.com/en/request-the-report-on-the-result-of-the-study-of-investment-projects-in-balkans-hydropower/

The research involved over 200 respondents, including the chief executives and lead specialists at generating companies, operators of hydropower projects, suppliers of latest technologies, equipment and services, regulators and financial institution officials, investors, consultants, and independent experts of the energy market.

As a reminder, this report is prepared in the run up to the second edition of the international Summit and Exhibition “Hydropower Balkans 2018”, held in Budva, Montenegro, on November 6-8, 2018.

2nd annual International Investment Summit and Exhibition “Hydropower Balkans 2018” (6-8 November 2018, Budva, Montenegro) is a dedicated platform bringing together ministers, major investors, decision-makers of flagship hydropower plants, and investment project initiators, as well as regulators, in a concerted effort to efficiently execute key projects for HPP construction and modernisation all over the Balkan region. Bronze sponsors: VOITH, AndritzHydro.

 

The post Europe: Vostock Capital publishes free report on investment projects for the construction and modernisation of Hydropower Plants appeared first on EnergyWorld Magazine.

Romania: EUR 7 million from BSTDB for energy efficiency projects

Вт., 07/24/2018 - 13:13

The Black Sea Trade and Development Bank (BSTDB) is providing a EUR 7 million revolving facility to Garanti Consumer Finance, a Romanian non-banking financial institution, to finance energy efficiency, renewable energy and water-saving solutions in the Romanian residential housing sector.

The BSTDB’s first facility of the kind is expected to help improve energy efficiency in about 700 households of low energy class in Romania.

“Improving energy efficiency is a key element of a modern energy policy. We are happy to partner with Garanti Consumer Finance to help cut the CO2 emissions, improve energy performance and quality of life of Romanian households and contribute to national energy and environmental goals. Savings in energy consumption and reduced losses will greatly benefit the Romanian economy and consumers, ” said Dmitry Pankin, BSTDB President.

BSTDB’s current portfolio in Romania includes 14 signed operations for the total amount of over EUR 216 million supporting SMEs, manufacturing, agribusiness, and other key sectors of the economy.

”Energy efficiency reduces energy costs and leads to financial savings for customers. It is our mission to support and stand by our clients, while creating added value to their lives. We are therefore proud to partner with BSTDB in this important endeavor. Garanti Consumer Finance, as all Garanti institutions, is a supporter of ambitious projects. We have a strong commitment here and signing this agreement further confirms our long-term strategy”, stated Bogdan Dobre, general manager, Garanti Consumer Finance.

The post Romania: EUR 7 million from BSTDB for energy efficiency projects appeared first on EnergyWorld Magazine.

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