ROMANIAN RENEWABLE INVESTMENT €11 BLN

ENERDATA - 9 Dec 2021 - The Romanian oil and gas company OMV Petrom, controlled by Austria's OMV (51%), has unveiled its Strategy 2030, which reflects the group's growth plans and its commitment towards the energy transition. OMV Petrom plans to invest €11bn by 2030, with over 35% going to low and zero-carbon opportunities. The company will invest in renewable power and biofuels production, with the objective to commission more than 1 GW of renewable capacity in Romania and to raise the share of biofuel in total fuel production to over 15% by 2030. It will also develop a low carbon mobility infrastructure, with more than 500 points of alternative fuels (for electric vehicles, LNG or CNG vehicles). OMV Petrom, whose exploration and production regional expansion is focused on the Black Sea area, aims to maximise the economic recovery of mature fields and to lower the production cost to around US$7/boe. The group will seek to raise the share of gas in its hydrocarbon production to around 70% by 2030 and to increase total gas sales to around 70 TWh by 2030.

OMV Petrom dominates oil production in Romania, with a production of 23 mbl of crude oil and NGL, i.e. more than 90% of total production (2020) and oil reserves estimated at 451 mbl. The company is also the country's second-largest refiner with the 4.5 Mt/year Petrobrazi refinery.

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