English
Petrom, part of OMV AG, will invest this year over 400 million EUR in oil and gas exploration, the amount being double compared to 2006, according to Florin Mocanescu, Manager of Petrom"s Exploration and Production Division.
Last year, Petrom invested approximately 1 billion EUR and forecasts investments worth 3 billion EUR by 2010, according to Rompres. Petrom is interested in acquiring companies or exploration perimeters in Russia, said Mr. Mocanescu, adding that the company also intends to acquire exploration perimeters in Bulgaria, Ukraine or in the Caspian Sea area, in order to become the largest oil and gas company in Eastern Europe by 2010.
In 2006, Petrom posted 13,078 billion RON in turnover, up 22% year-on-year, due mainly to continuous increase in international oil prices, as well as sales volume. Net profit increased by 61% compared to 2005, while earnings per share reached 0,0405 RON.
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