Romania, Romgaz recorded a net profit in the amount of 198 million euros in Q1 2022

Romanian state-owned natural gas producer Romgaz recorded a net profit in the amount of 198 million euros in the first quarter of 2022, which is 111 % increase compared to the same period last year.

The company’s total revenues rose by 195.8 % year-on-year and amounted to 795 million euros in the first three months of the year. Revenues from natural gas sales increased by an annual 201 %, while revenues from underground gas storage operations dropped by 12.3 %. Revenues from electricity sales increased by 28 5% year-on-year.

Romgaz produced 1.307 billion cubic meters of natural gas in the first quarter of 2022, which is 0.33 % less compared to Q1 2021, wile electricity production increased by 71 % to 345.3 GWh.

In the first three months of 2022, natural gas consumption in Romania was about 44 TWh, 11 % compared to the same period in 2021.

Romgaz planned 134 million euros of investments for the first quarter, but only managed to realize 22 million euros, mainly due to the rescheduling the advance payments for the acquisition of ExxonMobil’s 50 % stake in the Black Sea Neptun Deep gas project for 1.06 billion dollars. The transaction is expected to close in the second quarter of 2022.