OMV Petrom is the largest oil and gas group in Southeastern Europe, with activities in the business segments of Upstream, Downstream Gas and Downstream Oil. The Group consolidated its position in the oil and gas market following a comprehensive modernization and efficiency increase process. OMV Petrom is the main crude oil producer in Romania and supplies around half of the internal gas production. OMV Petrom supplies gas through the natural gas division. For its sustainable development, OMV Petrom has expanded the gas value chain into power and operates the 860 MW gas fired power plant at Brazi and theDorobantu 45 MW wind park. OMV Petrom processes crude in the Petrobrazi refinery, near Ploiesti, with a refining capacity of 4.5 mn tons/year. Petrobrazi refinery underwent a EUR 600 mn modernization program between 2010 – 2014, allowing it to process the entire OMV Petrom’s Romanian crude production, while improving energy efficiency and product yields. OMV Petrom is present in the distribution market for oil products in Romania, the Republic of Moldova, Bulgaria and Serbia through a network of approximately 780 filling stations, operated under two brands, Petrom and OMV.

OMV Petrom is the largest hydrocarbon producer in Southeastern Europe with an annual oil and gas production of more than 55 mn boe. The Upstream division explores for and extracts oil and natural gasin Romania and in Kazakhstan. In Romania, OMV Petrom accounts for almost the entire crude oil production and for approximately half of the gas production.

Production and reserves

In Romania, hydrocarbon production in 2019 was 52.97 mn boe or 145.1 kboe/d (2018: 55.82 mn boe or 152.9 kboe/d). Crude oil and NGL production in Romania declined by 2.1% to 24.06 mn bbl mainly due to natural decline and the transfer of nine marginal fields to Mazarine Energy Romania in March 2019, partly compensated by the contribution from new wells. Gas production in Romania decreased by 7.4% to 28.92 mn boe due to natural decline in main fields as well as planned and unplanned surface works, partly compensated by the contribution of the exploration well 4461 Totea South, which started production in October 2019.

As of December 31, 2019, the total proved oil and gas reserves in OMV Petrom Group’s portfolio amounted to 504 mn boe (of which 477 mn boe in Romania), while the proved and probable oil and gas reserves amounted to 786 mn boe (of which 743 mn boe in Romania). The Group’s three-year average Reserve Replacement Rate increased to 42% in 2019 (2018: 38%), and in Romania it increased to 38% (2018: 34%). For the single year 2019, the Group’s Reserve Replacement Rate increased to 49% (2018: 42%) and in Romania it was 39.5% (2018: 40%).

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