Diapozitivul 1

ROMGAZ – November 2015
Company Overview
Largest Reserve Holder, Producer and Supplier of Natural Gas in Romania
Gas
Exploration &
Production
Gas Supply
•
•
•
•
•
Underground
Storage
•
•
Electricity Production
•
Key Financials
(RON mln)
Onshore mature natural gas reserves base1: 1P 62 bcm, 2P 75 bcm
>140 commercial gas fields, Significant onshore and offshore exploration potential
Production: 4.13 bcm in 9M/15, -2.2% y/y (stabilised at 5.66 bcm in 2014, +0.23% y/y)
Largest gas producer: 49% market share in 7M/2015
46% market share in Romania
Working capacity: 2.76 bcm, market share of over 90% in Romania
Regulated activity (revenue-cap methodology, RR on RAB)
800 MW installed capacity – total delivery +75% y/y in Q3 (1,102 GWh in 9M/15)
2013
2014
Q3/14
Q2/15
Q3/15
9M/14
9M/15
Revenue
EBITDA
EBITDA margin
3,894
1,960
50.3%
4,493
2,490
55.4%
760
503
66.2%
870
382
43.9%
698
465
66.7%
3,287
1,918
58.3%
2,933
1,689
57.6%
Net profit
Net margin
996
25.6%
1,410
31.4%
243
32.0%
204
23.4%
209
29.9%
1,114
33.9%
975
33.3%
2
991
1,214
-
-
-
-
-
848
1,085
219
264
173
751
653
Dividends
CAPEX
1
Based on CPR prepared by DeGolyer&MacNaughton updated to June 30, 2013
2
Distributed from the year’s net profit
2
Factors with impact on economic performance
Regulated domestic gas production prices in Romania vs imports level
134
RON / MWh
140
128
123
122
122
128
118
120
107
111
100
89,4
89,4
89,4
53,3
53,3
80
60
45,7
49,0
40
45,7
45,7
55,3
45,7
68,3
63,4
49,8
48,5
139
115
96
72,0
50,6
53,3
53,3
60,0
Non-households
Households
51,8
Imports level*
20
0
Q4/12
Q1/2013
Q2/13
Q3/13
Q4/13
Regulated storage tariffs
Q1/2014
Q2/14
Q3/14
Q4/14
Q1/2015
Q2/15
Q3/15
Source: ANRE, Romgaz computation based on ANRE data; in Q3/15 - imports price was available for July only
RON / MWh
20
1,80
2,37
15
1,80
2,53
1,87
2,37
Withdrawal
10
2,76
2,76
2,76
2,76
5,65
5,65
5
Injection
13,12
13,14
13,68
Capacity Reservation
0
2010-2012
2012-2013
1.04.2013 - 14.04.2014 15.04.2014 - 31.03.2015
1.04.2015 - 31.03.2016
3
Key Financial Data-CAPEX
Capital Expenditures (RON mln)
Equipment upgrade, exploitation drilling etc
+28%
1.000
Maintaining the gas storage capacity
Geological exploration
498
344
355
500
-13%
241
160
85
19
2010
153
+61%
420
428
392
243
2013
2014
9M/14
9M/15
4
Gas Resource Overview in the Country
Mature Market With Long History of Production and Significant Upside Opportunities
Total Gas Consumption in Romania 2006 – 9M/15 (bcm)
17,3
Brodina
5,2
16,4
4,8
Moldova Nord
Sales from Domestic Production
Imports
15,5
13,1
4,4
2,0
13,8
14,2
2,3
3,2
13,5
3,2
Transilvania
Nord
Est
Depresiunea
Panonica
Transilvania
Centru
Moldova Sud
0,8
11,1
11,1
11,5
11,0
2007
2008
2009
2010
10,6
11,1
7,4
7,9
2011
Est Rapsodia
Muntenia
Nord-Est
Romgaz commercial fields
OMV PETROM Commercial Fields
2012
2013
2014
9M/14
9M/15
Source: Romgaz estimates, ANRE
Transilvania
Sud
Muntenia
Centru
10,3
8,0
0,1
Bacau Nord
2006
Source:Romgaz, ANRE
11,9
0,7
11,6
Bacau Sud
Romgaz licenses
OMV PETROM Exploration Blocks
1,9
8,1
12,1
Oltenia
12,5
Trident

Mature province with more than
100 years of production history
from conventional reservoirs

Recent use of new technologies
to mitigate production decline

Large discovered resources to
be brought on stream

Significant exploration potential
from conventional and
unconventional reservoirs

Recent offshore discoveries in
Black Sea
5
Romgaz: Reserves and Resources
Sizeable reserve base with a signification portion proven developed
Audited Reserves1 June 2013 (bcm, % of total)
Revisions and New Discoveries Reserves Replacement Ratio (%)
323
12
13.8%
13
14.9%
152
62
71.3%
92
Proved
•
•
•
•
Probable
57
49
2008
2009
70
94
Possible
2010
2011
2012
2013
2014
Three production areas: Transylvanian Basin (around 90% of
production); Muntenia Moesian Platform and Moldavia Platform
25 fields hold about 70% of Romgaz reserves (average size of
proved reserves per average field is of 450 million m3, with 17
fields with over 1 bcm)
Recovery factors between 55% and 85% for most fields (90% in
the more mature fields)
Six gas storage facilities – native gas acts as cushion gas in the
storage process
•
•
•
•
Reevaluation driven by investment in well workovers and installation
of compressors
Effect of increasing gas prices
Bringing existing discoveries on-stream
New discoveries
Source: CPR prepared by DeGolyer&MacNaughton updated to June 30, 2013.
1 Probable and possible reserves have not been risk adjusted to make them comparable to proved reserves.
6
Exploration Overview
Efforts undertaken to unlock significant resource potential
Petroleum agreements for 9 onshore exploration blocks (about 17,650 km²
across the Transylvania, Moldova, Oltenia and Muntenia basins) with 100%
working interests
Major
projects in Transiilvania (Cris, Laslau Mare, Chendu), Moldova
(Frasin_Gura Humorului), Muntenia (Caragele) in presalt area and In deep
reservoirs.
 Finalised 3D seismic acquisition for period 2011-2016
 Development programme in progress for 61 new wells tested (38 were successful,
23 were dryhole) in the first 9M 2015
 Total
P50 unrisky prospective volumes of c. 80 bcm; prospects in low-risk and
deeper horizons (2014 preliminary: new P50 resources identified of c. 2 bcm)
 10% interest in offshore exploration in the Black Sea with Lukoil and Pan Atlantic
(East Rapsodia + Trident) for c. 2,000 km²
Exploration Works 2012-2014 of the Key Nine Blocks
2012
Units
2013
Exploration Drilling Program 2015
2015
2014
RON
mln
Units
RON
mln
Units
RON
mln
3D (km2)
700
52
1,830
145
1.218
82
2D (km2)
517
23
224
9
451
20
Well drilling
Other
works(1)
TOTAL
5
66
25
206
-
9
-
7
5
367
348
150
20
260
Contingent Resources
(C2)
Prospective Resources
(P50)
No. of wells
13
Assessments of
resources (bcm)2)
10
No. of wells
25
Assessments of
resources (bcm)2)
31
Latest developments:
 Completed drilling of the 2nd exploration well in Trident block in the Black
Overall in 2014:
 3D seismic services acquired on a surface of 1200 km²
 3D+2D seismic surveys in Moldova, Muntenia and Oltenia
 Drilling of total 20 new exploration wells
 Drilling of the first well in the Black Sea (Rapsodia block) initiated
Sea in October, large discovery revealed - reserves might exceed 30 bcm
 Completed production tests for 2 new descoveries (Cibu and Tapu)
Performance in H1 2015:
 3D seismic services acquired on a surface of
 Finalised drilling of 2 wells – 1 well in each of
913 km²
Rapsodia & Trident blocks in
the Black Sea
1
2
Other works: MT sounding, Gore-Sorber surveys and development for experimental production.
Based on Romgaz own assessment.
 Drilling of total 16
new exploration wells
7
Production of Natural Gas
Arresting Production Decline via Application of New Technologies
Romgaz Annual Production Levels – bcm (2000-9M/2015)
0,4%
-0,7%-1,0% -0,2%
-2,3%
-1,9%
-4,0%
8,4
8,0
-5,1%
8,0
-4,4% -4,8%
-8,7%
7,3
7,0
6,6
-5,3%
6,3
6,2
0,2%
-2,2%
5,9
5,8
5,8
5,6
0%
0%
-0,2%
2010-2014: (0.4)%
2005-2009: (2.7)%
2000-2004: (5.4)%
-4,6%
5,9
Arresting Production Decline – Enhanced Production from Selected Fields2)
5,7
5,7
-10%
5,7
4,2
4,1
0,0
-20%
-30%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 9M/14 9M/15
Production decline rate stabilized at 0% during 2010-2014 due to:
- Installation of gas compression and production enhancement/rehabilitation
- Acquisition of 3D seismic data, dynamic and static reservoir modelling
- Production from new discoveries
Overall in 9M 2015:
- 2 new discoveries accounting jointly for 3% of Romgaz’ daily production
- Compressor station commissioned - access to additional 0.50 bcm
In 2014:
- 12 new wells started production
- 175 workover wells with output estimated at 0.15 bcm (2013: 166 wells / 0.17 bcm)
•
•
Gas compression added to a number of fields
-
Including Filitelnic, the largest field in Romgaz’s portfolio
Production rehabilitation measures
-
Romgaz driven for some fields
Partnership with Schlumberger and Amromco for other fields
(2)
Selected fields: (i) compression added Bazna, Filitelnic, Tg. Mures, (ii) production
rehabilitation (Nades, Laslau, Roman) and (iii) 14 new producing fields. Production
enhancement includes activities focused mainly on well workovers and new completion
techniques.
8
Commercialising the Gas
Total Gas Supply and main Customers
Largest Supplier of Gas in Romania (Domestic Production + Imports)
• Breakdown of volume gas sales: 37.6% to Households (HHs) and thermal plants for the gas used for HHs heating + 62.4% to industry (including from UGS) in the
3rd Quarter of 2015 (from 60.0% / 40.0% respectively in H1/2015)
• Around 62% of Romgaz’ gas sales are to GDF Suez and E.ON Energie in terms of volume (9M/2015)
• Significant market share in Romania’s gas supply
Romgaz Gas Deliveries in Romania’s Total Supply
Romgaz - Key Clients in 9M/2015 (volume terms)
E.ON Energie
304
8%
680
2%
9%
32%
Electrocentrale
Bucuresti
Conef
million cm
GDF Suez
5.563
5.513
310
1.018
606
5.200
5.156
5.660
81
5.529
2
3.671
46%
46%
44%
43%
2009
2010
2011
2012
Transgaz
45%
46%
46%
Others
20%
30%
2013
2014
9M/2015
Imports
Production (incl 50% Schlumberger, deliveries to Iernut/Cojocna) and resold gas
Market share in Romania’s gas supplies
Sources: Romgaz, ANRE
9
Storage and Power
Romgaz is the Largest Owner and Operator of Gas Underground Storage Facilities in Romania
Romgaz Entered the Power Segment with the Acquisition of Iernut Power Plant (CTE Iernut)
Underground Gas Storage
•
•
•
Electricity Production
Romgaz owns six facilities (90% market share) - working capacity 2.76 bcm
plus 40% stake in joint venture with Gaz de France - Depomures (300 mln cm)
•
Regulated by ANRE using the revenue-cap methodology – third 5-year
regulatory period started in Apr 2013, royalties of 3% of operating revenues
•
Capacity expansion plans: Sarmasel (0.9 bcm/cycle) - Urziceni (0.360
bcm/cycle completed in 2014)
UGS
Working Capacity
Bilciuresti
•
Sarmasel
Urziceni
•
•
1,310 mln cm/cycle
UGS
Cetatea de
Balta
800 mln cm/cycle
Ghercesti
250 mln cm/cycle
Balaceanca
Domestic Production
Installed capacity of 800 MW built in ‘60s, with a flexible operational
structure (4x100 MW, 2x200 MW)
•
-
Units 1 & 4 (2x100 MW) being modernized (to reduce NOx emissions)
-
Units 5 & 6 (2x200 MW) can operate until 2020
-
2x100 MW to be out of service in January 2016 (environmental issues)
•
•
200 mln cm/cycle
150 mln cm/cycle
50 mln cm/cycle
Imports
•
•
•
J-12
F-12
M-12
A-12
M-12
J-12
J-12
A-12
S-12
O-12
N-12
D-12
J-13
F-13
M-13
A-13
M-13
J-13
J-13
A-13
S-13
O-13
N-13
D-13
J-14
F-14
M-14
A-14
M-14
J-14
J-14
A-14
S-14
O-14
N-14
D-14
J-15
F-15
M-15
A-15
M-15
J-15
J-15
•
Source: ANRE
Role: to cover national power consumption by acting in the electricity
wholesale and balancing markets, ensure ancillary services to the national
system, eliminate possible network constrains in NW Romania
Working Capacity
Seasonality of Gas Consumption in Romania
20
20
TWh
15
10
5
0
•
CTE Iernut power plant enjoys a good strategic positioning in the middle of
the Romanian electricity system
Market share of 2.4% in terms of electricity production achieved in 2014
(output level of c. 1,435 GWh)
Total delivery of 1,102 GWh in 9M/15 / 692 GWh in Q3 alone (1,710 GWh
in 2014)
Optimising gas production - electricity production - storage injection
We intend to complete soon the selection of the consultant to help us
assess the procedures and criteria for finding a partner for refurbishment
of Iernut plant; plans are for a new power plant based on a Gas Turbine
Combined Cycle system, of max. 400 MW capacity and gross electrical
efficiency of min.55%
10
Strategic goals-Excerpt

Increase of the gas resources
and reserves portfolio through
the discovery of new resources
and the improvement of the
recovery rate of already
discovered resources
Enhanced recovery and development of already discovered resources
-
Extend the life of and the amounts recoverable from existing fields
-
Appraisal of substantial contingent resource base and subsequent conversion into reserves
-
Continue cooperation with Schlumberger and other partners

Discovery of new resources in established geological plays
-
Further exploration program (existing and new licenses)
-
Acquire additional blocks for exploration and development of conventional onshore gas
resources

Seeking New and Diversified
Growth Opportunities

Optimization, development and
diversification of the UGS
activity by reconsidering its
importance in view of safety,
continuity and flexibility of the
natural gas supply

Frontier Reservoirs
-
Further development of on-shore sub-salt reservoirs
-
Exploration of unconventional potential in Romania
-
Increasing focus on deep water reservoirs (Black Sea)
Potential international opportunities
Increase the efficiency of the gas storage facilities in order to Enhance Gas Trading
Capabilities
11
2016 Perspectives and opportunities for service suppliers-1
Budget
[Euro]
1.
SERVICES
Gas wells perforation services
Fluid services for production layers
Vertical seismic profiling VSP (framework agreement)
Borehole survey services
Software upgrade services: MAIS, BI, Hyperion
Pit cementing services, technological operations, fluid injection services
Special operations with snubbing equipment
Maintenance services for TEG dehydration stations (framework
agreement 4 years)
Total services:
2.
20,880,400
GOODS
Security surveillance systems
Servers + Desktop PC
Cesspit emptier
Well workover equipment (coiled tubing unit)
Excavators
Utility vehicles + Microbus
Automobiles
Hubs equipped for storing salt water, fluids and drilling mud
Forklift trucks
Various software packages
Hoisting cranes
Total goods:
13,225,000
2016 Perspectives and opportunities for service suppliers-2
3. WORKS
Drilling works (exploration + production)
Repair works and refurbishment
Construction of multifunctional buildings
Pipeline dismantling and replacement
Construction of gas pipelines
Construction of electrical lines
Gathering pipes repair works
Construction of waste water pipelines
Gas wells recompletion operations
Construction of surface facilities
Total works:
89,190,0
00
Total:
123,295,
400
2016 Public procurements at Romgaz – Laws – Publication
of Procurement Notices-1
As of November 12, 2013, the company’s shares are listed both on the regulated market governed by
Bucharest Stock Exchange and on the regulated market governed by London Stock Exchange.
Having the Romanian State as major shareholder (owning 70% of the share capital) Romgaz has to
apply the European legislation on public procurements, namely:
I. DIRECTIVE 2014/24/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of
February 26, 2014 on public procurements;
II. DIRECTIVE 2014/25/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of
February 26, 2014 on procurements by entities operating in the water, energy, transport
and postal services sectors.
For contracting purposes, Romgaz has to perform all procurements publicly by complying with the laws
specific for public procurements:
- G.E.O. 34/2006 – on the award of public procurement contracts, public works concession contracts
and services concession contracts;
- Government Decision no. 925/2006 - on the approval of the application norms of the Government
Emergency Ordinance no. 34/2006 regarding the award of public procurement contracts, public
works concession contracts and services concession contracts
2016 Public procurements at Romgaz – Laws – Publication
of Procurement Notices-2
All projects for works, procurements of goods and services, necessary to be procured and contracted,
are published as participation notices on:
A. The Electronic System of Public Procurements (SEAP) www.e-licitatie.ro
B. Tenders Electronic Daily (TED) www.ted.europa.eu





What is TED?
TED (Tenders Electronic Daily) is the online version of the 'Supplement to the Official Journal of the
EU, dedicated to European public procurement.
How can I benefit from TED?
TED provides free access to business opportunities. It is updated 5 times a week with some 1,500
public procurement notices from the European Union, the European Economic Area and beyond.
You can browse, search and sort procurement notices by country, region, business sector and more.
Information about every procurement document is published in the 24 official EU languages. All
notices from the EU's institutions are published in full in these languages.
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To access the entire content of TED, including the archive.
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Registration and use of TED is absolutely free, and will remain so.
15
2016 Public procurements at Romgaz – Laws – Publication
of Procurement Notices-3
Please consult regularly SEAP and TED websites to identify offering opportunities under the conditions
stated in the award documentation attached to the tender notices.
The new law on sector related procurements shall come into force starting with January 1, 2016 and
is going to be adopted during this session of the Parliament.
As Member State, Romania has the obligation to translate until April 18, 2016 in the national legislation
Directive 2014/25/EU of the European Parliament and of the Council of February 26, 2014 on
procurements by entities operating in the water, energy, transport and postal services sectors, repealing
Directive 2004/17/EC.

Romgaz contacts:
•
•
[email protected]
Vlad Pavlovschi- Business Development Director
Horea Bodogae- Procurement Director
Homepage:
www.romgaz.ro
17