OMV Petrom Sustainability Framework
At OMV Petrom, we have a long tradition of responsible behavior towards employees, the environment and society. Sustainability for OMV Petrom means focus on conducting the business responsibly, efficiently and in an innovative way. We are committed to create long-term value for the company and our stakeholders, while respecting the environment, supporting the communities in which we operate, and striving to support the UN sustainable development goals. Our Sustainability Framework is built around the three pillars Environmental, Social, and Governance (ESG).
In 2021, was launched the OMV Petrom 2030 strategy through which we are embarking on a path to transform to a lower carbon future. By the new ambition and targets established, OMV Petrom recognizes climate change as one of the most important global challenges as well as opportunities of today. The strategy sets out how we plan to grow as a diversified integrated energy company by adding new low carbon business activities and setting the path towards net zero in operations by 2050. Sustainability is fully embedded in the business strategy, with our focus on transition to low carbon business, running responsible operations, innovation & digitalization and fostering people and communities. For each of these focus areas, we have formulated concrete commitments, targets, and actions to be achieved by 2030, which mark OMVPetrom’s contribution to the UN 2030 Agenda for Sustainable Development.
Climate change and Energy Transition:
Targets 2025:
- Reduce carbon intensity of operations by 13% until 2025 vs. 2019
- No new projects with routine flaring and venting practice and phase out existing routine flaring and venting latest until 2030
- Achieve E&P methane intensity of 0.2% or lower
Targets 2030:
- We are committed to achieve Net Zero operations by 2050
- By 2030 we will reduce the carbon emissions of our operations by ~30% , gas will make up 70% of our hydrocarbon production and ~35% of our capex will shift to low and zero carbon business
- Achieve less than 0.2% methane intensity
- Phase out existing and no new projects with routine flaring and venting
- ~ 20% reduction in Scope 1-3 carbon emissions
- EU Taxonomy eligible CAPEX to reach 35%
- Lower and zero carbon energy for customers, to account for ~60% in total products sold in 2030
Health, Safety, Security
Targets OMV Petrom 2025
- Achieve Total Recordable Injury Rate (TRIR) of 1.0 per 1 mnhours worked
- Achieve Zero Work-Related Fatalities
- Keep leading position for Process Safety Event Rate
Targets OMV Petrom 2030
- Stabilize Total Recordable Injury Rate (TRIR) at below 1.0 (per 1 mn hours worked)
- Achieve Zero Work –Related Fatalities
- Maintain leading position in Process Safety Event Rate
Business Principles and Economic Impacts
Target OMV Petrom 2025
- Raise Business Ethics awareness for all OMV Petrom employees through trainings and compliance communication programs
Supply Chain
Targets OMV Petrom 2025
- >20 supplier audits covering sustainability topics by 2025
- All new suppliers screened against mandatory ESG criteria during supplier pre-qualification prior sourcing projects (baseline 2022)
- Yearly spend with local suppliers to be at least 85% out of total Procurement spend
Targets OMV Petrom 2030
- All new suppliers screened against mandatory ESG criteria during supplier pre-qualification prior sourcing projects (baseline 2022)
- Yearly spend with local suppliers to be at least 85% out of total Procurement spend
Employees
Targets OMV Petrom 2025
- Increase share of women at management level at 32%
- Measure and maintain the level of engagement of our employees
Targets OMV Petrom 2030
- Increase share of women at management level at 35%
- Increase average number of annual learning hours to a min. of 30 hours per employee
- Measure and maintain the level of engagement of our employees
Community Relations & Human Rights
Targets OMV Petrom 2025
- Train all OMV Petrom Group employees in human rights
- Assess Community Grievance Mechanism of all business divisions against UN Effectiveness Criteria
- Maintain social license to operate through yearly community relations and community development strategies, plans and budgets, based on social impact needs and risks assessment
Targets OMV Petrom 2030
- Train all OMV Petrom Group employees in human rights
- Community Relations & Social Investments:
- Maintain >80% local communities covered by social investments every year
Innovation & Circular Economy, Digitalization
Targets OMV Petrom 2025
- Implement Enhanced Oil Recovery (EOR) pilots in Upstream to increase the recovery factor of our oil fields
- 50kt 2nd gen ethanol capacity
Targets OMV Petrom 2030
Innovation & Circular Economy:
- EUR 3,7bn by 2030 investments for low and zero carbon business (such as: biofuels, CC(U)S, low carbon hydrogen, photovoltaic assets)
- 150 kt/year until 2030 2nd gen ethanol produced from locally sourced agricultural residues
- 450 kt/year until 2030 renewable diesel and sustainable aviation fuel from sustainable feedstock
- Operate more than 1 GW of renewable power capacity, including through partnerships
- 500 charging points for alternative fuelled vehicles
- We plan to invest EUR 2bn in innovation and new technologies mainly in hydrogen and CC(U)S.
Digitalization:
- Run programs to reduce carbon footprint, enhance HSSE capabilities and resource efficiency and upskill employees
OMV Petrom concentrates its sustainability efforts on four focus areas:
Transition to low carbon business
By 2050, OMV Petrom operations will be carbon neutral, contributing to Romania’s decarbonization targets. A greener and more diversified portfolio
will be reached by investing in biofuels, alternative mobility, renewable power generation and new technologies.
Run Responsible Operations
We will achieve our business and climate ambitions by prioritizing the health and safety of our employees, customers and partners, focusing on resource efficiency and environmental protection, and acting with integrity and transparency towards all our stakeholders.
Foster People and Communities
We aim to build and retain a talented, diverse and engaged team to support the company’s transition to a low-carbon business and its regional growth
ambitions. We strive to make a positive impact in our communities, by listening and acting on their concerns and supporting their sustainable development.
Leverage Innovation & Digitalization
We are committed to explore the use of innovative technology, research & pilot projects in new energy solutions, such as: carbon capture utilization
and storage CC(U)S, low carbon hydrogen, photovoltaic assets, e-mobility, gas mobility. We support the use of waste feedstock to produce biofuels. We
leverage digitalization to run programs to reduce carbon footprint, enhance HSSE capabilities and upskill employees.