OMV Petrom 2024: Strong Operational Performance, Strategic Investments, and Energy Transition Progress
Christina Verchere, CEO of OMV Petrom, highlighted the company’s robust operational performance in the year 2024. Notably, the hydrocarbon production exceeded expectations, marking the smallest decline witnessed in the past seven years. Simultaneously, both the refinery and power plant operated at high capacity, solidifying OMV Petrom’s pivotal role in Romania’s energy supply chain. The company successfully met approximately one-third of Romania’s fuel and gas demand and contributed an impressive 10% to the nation’s electricity generation.
Despite the positive operational performance, the clean current cost of supplies (CCS) operational result for 2024 experienced a decline to RON 5.7 billion. This was primarily due to a lower-priced environment along with the negative impact of regulatory changes affecting natural gas and electricity. In particular, these adjustments led to a negative result in the Gas and Power division during the second and fourth quarters of the year.
Throughout 2024, significant progress unfolded as OMV Petrom diligently implemented its Strategy 2030, which emphasizes low-carbon energy production. A remarkable RON 7.2 billion was invested to propel the development of Neptun Deep, renewable energy projects, and expand their electro-mobility network. As part of their substantial contributions, OMV Petrom also remained a major contributor to Romania’s state budget, contributing RON 16 billion in taxes and dividends.
Looking forward, the year 2025 is poised to be challenging and volatile due to fiscal and regulatory uncertainties. However, with an assumption of a stable and competitive fiscal environment, OMV Petrom anticipates reaching a record-high investment level of around RON 8 billion. This investment is poised to further fortify Romania’s energy security and drive economic growth.
Innovation continued to define OMV Petrom’s commitment to sustainable energy. At Petrobrazi, an innovative carbon capture and utilization technology was tested under the ConsenCUS project. Moreover, the company joined forces as an equity partner with InnoEnergy, a unique and trusted ecosystem designed to fast-track innovation toward energy transition. Additionally, a partnership was formed with Hycamite TCD Technologies, a pioneering deep-tech startup focusing on clean hydrogen and solid carbon production.
In terms of social responsibility, OMV Petrom supported numerous projects directly and through the OMV Petrom Foundation, allocating approximately ~26 million EUR in the domains of health, education, and environment. These efforts underscore OMV Petrom’s dedication not only to energy transition but also to societal well-being.
OMV Petrom’s trajectory in 2024 illustrates both an adherence to operational excellence and a proactive approach to strategic investments. As the company continues to navigate the challenges and opportunities presented by energy transition and regulatory landscapes, its commitment to innovation, sustainability, and community support remains unwavering.
