OMV Petrom announces 1.1% rise in oil production for final quarter

OMV Petrom has revealed that its oil and natural gas production grew by 1.1 per cent in the final three months of last year.

The firm, Romania's largest oil company, announced that its output grew to 186,000 barrels of oil equivalent per day, compared to 184,000 in the third quarter.

This was, in part, because of production starting at the new Totea field in the south-west of the country, producing around 1,500 barrels of oil per day, Bloomberg reports.

However, gas sales volumes fell by nine per cent in the final quarter to 1.44 billion cubic meters, down by 1.58 billion cubic meters in 2010 because of warmer winter weather reducing demand.

Meanwhile, the China National Offshore Oil Corporation has announced that it will be investing billions of dollars over the next year as it looks to increase oil and gas production, doubling it by 2020 and tripling it by 2030.