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IC - OMV Petrom spending $978MM in Romania this year - May 2019

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OMV Petrom announced that its shareholders on April 19 approved a capital expenditures budget of RON4.17 billion ($978 million) for 2019. The majority of the investment planned for this year, around $804 million, will be in upstream while about $129 million will be dedicated toward downstream. The company worked the budget around an average Brent price of $70. Upstream investment will partly mitigate the natural production decline because of field maturity, the company said. Production in Romania is expected to decrease by......
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