Monday, July 22, 2024
HomeOil & GasOMV Petrom confirms commitment to Strategy 2030
Powered by

OMV Petrom confirms commitment to Strategy 2030

OMV Petrom, the largest integrated energy producer in Southeast Europe is continuing the transformation of its activities and products, based on its Strategy 2030, to contribute to a lower carbon future. The company maintains its strategic objectives and aims to transition to low and zero carbon, grow regional gas and optimise traditional business. As previously announced, OMV Petrom is planning to invest 11 billion euros between 2022 and 2030.

“We remain committed to our transformation Strategy 2030 for a lower carbon future, while making some key adjustments: a more rapid build-out in renewables, more ambitious target in e-mobility and progressing with our Neptun Deep offshore gas project, on track for first gas in 2027,” said Christina Verchere, Chief Executive Officer OMV Petrom. “With rigorous capital discipline and solid financial performance, we aim to increase dividend distributions, being highly competitive versus our peers.”

One-third of the 11 billion euros will be invested in low and zero-carbon projects. By 2030 the company aims to reach 2.5 gigawatts (GW) of renewable energy capacity together with its partners. Following a recent final investment decision, the company is also developing a new biofuel plant at its Petrobrazi refinery, with a capacity of 250 kilotons/year. Moreover, with the help of non-reimbursable EU funds, the company also concentrating on its green hydrogen projects with the goal of reaching 100 megawatts (MW) capacity by 2030. Regarding the e-mobility sector, after the acquisition of Renovatio, the owner of Romania’s leading EV charging network, OMV Petrom is set to have installed around 1,000 charging stations by the end of the year, with the ambitious goal of having more than 5,000 by 2030, making it the largest provider of e-mobility services in the country.

OMV Petrom’s strategy also includes natural gas, important due to its role in the energy transition and in the security of the energy supply. The Neptun Deep offshore project is making significant progress, with the final investment decision taken in 2023 and is expected to deliver gas by 2027. The company also obtained a licence to explore the Han Asparuh block in the deep waters of the Black Sea in Bulgaria.

While moving towards greener energy, OMV Petrom is continuing to optimise its traditional business segments with the drilling of 50 new wells, the prioritisation of refinement and marketing as well as the transition of the Petrobrazi plant towards greener energy.

Capital allocation within the strategy is ensuring appropriate returns and payback periods. OMV Petrom is accelerating annual CAPEX in 2024-2026 to 1.7 billion euros, mainly for Neptun Deep and the low and zero-carbon projects. At the same time, it has an EBIT target of more than 1.5 billion euros for 2030.

Overall, the company is also upholding its commitment to achieving net zero operations by 2050, aiming to reduce its Scope 1-2 emissions intensity by 30 per cent and Scope 1-3 emissions intensity by 20 per cent by 2030, compared to 2019 levels.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular