Romania: Black Sea gas and international expansion are the answers for the future of OMV Petrom 

Over the past 12 years, the company has invested over 13 billion euros, said Mariana Gheorghe, CEO of OMV Petrom, in the press conference for the presentation of the preliminary financial results in 2017. These investments allow the main oil company in Romania to announce that it detains proven reserves of hydrocarbons for 10 more years, a time horizon similar to the one calculated in 2004, the year of privatization.

“This is the nature of our business,” Mariana Gheorghe explained. “We continue to invest, and it is important for us to have the ability to invest so that we have the prospect of long-term sustainable activity and development.”

Unlike in 2004, OMV Petrom now has the financial resources to announce that it will invest 3.7 billion lei this year, in particular for increasing oil reserves and mitigate the natural decline of production. The amount is higher than the one invested in 2017 (2.96 billion lei, which was 15% higher than in 2016).


The company capitalized a very favorable year with strong rise in crude oil price (Brent benchmark was on average 24% higher than the previous year, at $ 54.2 per barrel) and solid demand (of fuels, natural gas, and electricity) which led to consolidated sales of over 19 billion lei, 17%, higher. The annual net profit increased by 114%, to 2.48 billion lei, as a result of “cost optimization” amounting to 380 million lei, with a 7% reduction in the number of employees (almost a thousand jobs were lost in 2017) and a reduction in production costs to $ 10.9 per barrel (from $ 17.3 per barrel in 2014).


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