OMV Petrom's Strategy 2030

Transition to low and zero carbon

By 2050, OMV Petrom aims to have net zero operations, supporting Romania’s decarbonization. By 2030, a greener and more diversified portfolio will be reached by investing in renewable power generation, biofuels, alternative mobility and new technologies. Since 2021, we have achieved significant milestones:

• a portfolio of >2.5 GW (with partners) wind and solar projects and expanded regional presence in Bulgaria
• Consolidated our position as 1st choice mobility provider in Romania with the acquisition of Renovatio network and ~1,000 charging points installed
• A frontrunner in renewable fuels in SE Europe: construction ongoing for 250 kt/year SAF/HVO and ~8 kt/year (55 MW) green hydrogen
• Investigating additional low-carbon opportunities such as: energy storage, hydrogen, carbon capture and storage (CCS), geothermal, biogas.

Grow regional gas

Natural gas is a key enabler for decarbonization. Company aims to increase the share of gas in its portfolio to ~70% in 2030. In this regard, Neptun Deep is a strategic project for OMV Petrom, for Romania and for the region.
 
The extensive knowledge acquired in more than 40 years of operations in the Black Sea can help unlock potential for further growth beyond Romania and position OMV Petrom as the partner of choice in the region.

Neptun Deep entered the development phase, following the final investment decision taken in June 2023. We are progressing with development drilling and the project is on track to deliver the first gas in 2027.

OMV Petrom is also progressing in the Han Asparuh block, Bulgaria, where we transfered a 50% interest to our partner, NewMed Energy, while maintaining our role as operator. We are actively pursuing exploration activities and we awarded the drillship contract.

Optimize traditional business

While demand for green energy grows, OMV Petrom is well positioned to capture the resilient demand for conventional fuels and gas, contributing to Romania’s security of energy supply. We continue to transform our existing assets and capitalize on our integrated business model.  
 
In Exploration & Production, we are working on mitigating the natural production decline (<5% p.a.*), prioritizing value over volume and strict cost management. In order to maximize the potential of our current assets, we plan to drill around 50 new wells and perform more than 400 workover jobs annually.

^{*2024-2030 average annual decline in traditional hydrocarbon production, before divestments and excluding Neptun Deep volumes)}

In Refining & Marketing, the Petrobrazi refinery is well-prepared for high utilization rates and shifting production towards higher-value products, focusing on efficiency and sustainability, diversifying non-fuel products and expanding the biofuels value chain.
 
Regarding the OMV and Petrom filling stations, our long-term ambition is to continue to be the customers’ first choice in Romania, while capitalizing on our position in the other markets where we operate. As a leading provider of products and services for mobility in the region, we aim to drive value through partnerships and increased customer loyalty.
 
In Gas & Power the company is extending its origination and trading activities, beyond equity gas, to meet increased gas demand. Neptun Deep gas will contribute to a total of approximately 60 TWh in gas sales by 2030. Meanwhile, the Brazi power plant will support Romania’s green power transition, by integrating it with renewables and storage capacities for a better response to our customers’ needs. Around 30% of the total power sales will be green by the end of the decade, aiding Scope 3 emissions reduction and customers’ transition to cleaner energy.