By Christian Moess Laursen
Serinus Energy’s production fell in the first nine months of the year, driven by declining output from its gas fields in Romania, while its average realized oil price dropped in the period. Here’s what the oil-and-gas producer has to say.
On production:
“During the nine months ended 30 September 2023 production volumes decreased by 297 oil-equivalent barrels a day to 641 BOE a day against the comparative period (2022-938 BOE a day).”
“Romania’s production volumes decreased by 305 BOE a day to 117 BOE a day against the comparative period (2022-422 BOE a day). Production continues to reflect the natural decline profile of shallow gas fields.”
“Tunisia’s production volumes increased by 7 BOE a day to 524 BOE a day against the comparative period (2022-517 BOE a day). Production remains stable during the nine months of 2023 as a result of the oil fields’ maintenance program. Ongoing workover programs continue in the Chouech Es Saida field, with the aim to optimize production.”
On prices:
“During the nine months ended 30 September 2023 revenue decreased by $28.5 million to $13.3 million (2022-$41.8 million) as the group saw the average realized price decrease to $76.84 per BOE (2022-$162.18 per BOE) and production decline in Romania.”
“The group’s average realized oil price decreased to $78.68 per barrel (2022-$101.04/bbl), and average realized natural gas prices decreased to $12.03 per thousand cubic feet (30 September 2022 – $36.66 per thousand cubic feet).”
On production costs:
“During the nine months ended 30 September 2023 production expenses decreased by $2.3 million to $5.9 million (30 September 2022-$8.2 million). Per unit production expenses increased to $34.14 per BOE (30 September 2022-$31.74 per BOE).”
“Tunisia’s production expenses increased by $0.1 million to $3.8 million (2022 – $3.7 million), with per unit production expenses increasing to $26.43 per BOE (30 September 2022-$26.14 per BOE) which is consistent with the slight increase in production during the period.”
“Romania’s overall operating costs decreased by $2.3 million to $2.1 million (2022 – $4.4 million), however per unit production expenses increased to $69.64 per BOE (30 September 2022 – $38.35 per BOE) due to naturally declining production and the impact of inflation in Romania.”
Write to Christian Moess Laursen at [email protected]
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