The Austrian group OMV, the majority shareholder of OMV Petrom, announced on Thursday that it has revised upwards its estimates for 2030, the reason being a more favorable market context for oil, natural gas and refining margins, informs Reuters.
Ahead of a meeting with investors, OMV informed that in 2030 it is counting on a CCS operating profit of at least 6.5 billion euros, compared to a previous target of six billion euros.
The Austrian group also improved its cash flow estimates to at least 7.5 billion euros, from 7 billion euros previously, thanks to efficiency measures that will bring in at least 500 million euros by at the end of 2027.
“Our main priorities will be to maximize cash generation from our core businesses, grow our chemicals business, transform OMV Petrom into a leader in the energy transition in South East Europe and transform OMV into a pioneer in geothermal energy, fuels sustainable for aviation and recycling”, said the general director of OMV, Alfred Stern, quoted by Agerpres.
As far as Romania is concerned, one of the central components of the OMV group’s energy strategy is the Neptun Deep project in the Black Sea. According to the Austrian group, more than 90% of the capital expenditure for this project has been contracted. The process of obtaining authorizations is ongoing, drilling activities will start in 2025 and the first quantities of gas are expected to be delivered in 2027.
“Also, Romania will play a key role in OMV’s renewable energy strategy. Romania is the sixth most populous country in the EU, one of the countries with the strongest GDP growth rate, and has conditions of sun and wind favorable. OMV Petrom, which already has a strong position in the national energy production mix, will continue to invest in renewable energy such as wind and photovoltaic energy, supported by the available EU funding,” states a document published on the website. OMV.
At turn, OMV Petrom confirms Strategy 2030 is on track. The strategic ambition remains unchanged – to lead the energy transition in South-East Europe, through the three strategic directions: Transition to low and zero carbon, Grow regional gas and Optimize traditional business. To support the implementation of the Strategy 2030, OMV Petrom is investing EUR 11 billion from 2022 until 2030. Strategy 2030 enables OMV Petrom to achieve the following:
- Development of the largest natural gas resource in the EU;
- Development of the largest portfolio of new renewable energy projects in Romania;
- The largest investments for transportation decarbonization in Romania via the production of renewable fuels and the development of the most extensive charging network for electric vehicles.
The OMV Group had revenues of 39 billion euros in 2023 and has a workforce of approximately 20,600 employees worldwide. The largest shareholder in OMV is the Austrian Government.