OMV PETROM

OMV Petrom is a Romanian integrated oil and gas company majority owned by Austria's OMV Group. OMV Petrom is primarily engaged in the exploration and production of oil and gas, refining and marketing oil products, and power generation in Romania and neighboring regions.

OMV Petrom is currently in the production stage, with operations across the upstream, midstream and downstream oil and gas value chain. The company's hydrocarbon reserves are located in Romania, with additional exploration licenses in the Black Sea. As of end-2022, OMV Petrom reported 1P reserves of 380 million barrels of oil equivalent and produced 43,000 boe per day, consisting of 52% oil and condensate.

OMV Petrom's flagship asset is the Petrobrazi refinery, with an annual capacity of 4.5 million tonnes per year. The company also owns and operates a 860-MW gas-fired power plant in Brazi. Additionally, OMV Petrom sells gas directly to retail customers and gas-fired power producers in Romania, Bulgaria, Serbia and Moldova.

A key growth priority for OMV Petrom is developing the Neptun Deep offshore gas field in the Romanian section of the Black Sea. The project is estimated to hold ~100 bcm of recoverable gas reserves. OMV Petrom plans to reach a final investment decision in mid-2023 and start production in 2027, which will significantly boost the company's gas output.