Published April 10, 2014

OMV Petrom began the construction of a new building for the Institute for Research and Technological Design (ICPT) in Câmpina

The building will house the laboratory and the core storage facility1
ICPT modernization program amounts to EUR 3.7 mn
Financing from own sources and European funds

OMV Petrom, the largest oil and gas producer in Southeastern Europe, began the construction of the main building designed for the laboratory and the core storage facility of the Institute for Research and Technological Design (ICPT) in Câmpina. The investment for the modernization of the institute, amounting to EUR 3.7 mn, will be finalized at the beginning of next year and is financed from both own sources and European funds, through the sectorial operational program "Increase of economic competitiveness", co-financed through the European Regional Development Fund "Investments for your future".

Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Exploration and Production: "The oil and gas sector has a strategic importance for Romania, from both the energy security perspective and the economic perspective, via the taxes, investments and employment it generates. In this context, we focus on research in the field, to develop new exploration and production techniques, adequate for the fields we operate and our collaboration with ICPT Campina is very important for this goal".

The new construction will house the laboratory activity and storage for all mechanical cores extracted by OMV Petrom in the last 50 years as well as new ones. Presently, the cores are kept in three different places, inadequate for storing the extracted material.

The project also entails the modernization of the laboratory equipment necessary for the research and development activities of the institute.

ICPT Campina research activity supports the strategic objective of the OMV Petrom’s Exploration and Production division to redevelop key fields by applying the best international practices and technologies.

About ICPT Câmpina
The Institute of Research and Technological Design (ICPT) Campina was set up in 1950 and has become an important center of scientific research for the oil industry, being a pioneer in terms of developing field engineering, drilling and extraction.

Currently, ICPT is part of Exploration and Production Division, Domestic Assets within OMV Petrom S.A.

With a vast experience in oil industry research, ICPT performs complex laboratory analysis at a high level of quality and efficiency, covering the needs of exploration and production activities.

Starting 2005, ICPT Campina has been benefiting from a complex investments program aiming at the modernization and technology upgrade of laboratories. The investments amounted to approximately EUR 12 mn out of which EUR 6 mn were dedicated to infrastructure modernization and EUR 6 mn were spent for state-of-the-art lab and research equipment.

In addition to the investments, an intensive program of professional training for the employees was performed, partially in partnership with international specialized companies.

OMV Petrom
OMV Petrom is the largest oil and gas group in South-eastern Europe, with activities in Exploration and Production, Gas and Power, and Refining and Marketing. The Group has consolidated its position on the oil market in South-eastern Europe following a far-reaching modernization and efficiency increase process, with investments of EUR 10 bn in the last nine years.

As of the end of 2013 the Group had proven oil and gas reserves of approximately 728 mn boe in Romania and Kazakhstan (707 mn boe in Romania). With a maximum annual refining capacity of 4.2 mn t, OMV Petrom is present in the distribution market for oil products in Romania, the Republic of Moldova, Bulgaria and Serbia through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. In Romania, this activity is performed through OMV Petrom Marketing, 100% owned by OMV Petrom.

To ensure sustainable development, OMV Petrom has expanded the gas value chain into power. In this context, OMV Petrom operates an 860 MW gas fired power plant at Brazi and a 45 MW wind park at Dorobantu.

In 2013 the Group’s turnover was EUR 5,473 mn, with EBIT of EUR 1,348 mn.

OMV, Austria’s largest listed industrial company, holds a 51.01% share in OMV Petrom. In Exploration and Production OMV is active in two core countries, Romania and Austria, and holds a balanced international portfolio. In Gas and Power, OMV sold approximately 425 TWh of gas in 2013. In Refining and Marketing, OMV had an annual refining capacity of 17.4 mn t and approximately 4,200 filling stations in 11 countries as of the end of 2013.

The Ministry of Economy holds 20.64% of OMV Petrom shares, the Property Fund holds 18.99% and 9.36% is free float on the Bucharest Stock Exchange.