OMV Petrom to cut 10% of workforce as part of cost reduction plan

OMV Petrom, Romania’s largest energy company, will reduce its workforce by about 1,000 employees - roughly 10% of its total staff - as part of a cost-cutting programme prompted by lower oil prices, Economica.net reported. Half of the planned reductions have already been completed, with most of the remaining cuts expected in 2025.

Chief Executive Officer Christina Verchere confirmed the restructuring during a conference call with analysts following the presentation of the company’s financial results.

“Regarding the workforce reduction, we assure you that we are looking at the cost challenges. We are looking at the transition to a lower oil price environment. And we have, as I mentioned, programmes to increase cost efficiency, which also include looking at the size of the workforce,” Verchere said.

She added that about 500 positions have already been eliminated. “We estimate a reduction of approximately 1,000 positions, of which we are already halfway through, probably most of which will be done this year, but some will be done in 2026 and 2027. Yes, we continue to do this and are working on many measures, already in the process of implementation,” Verchere said.

According to company data, OMV Petrom employed 9,939 people at the end of September, down from 10,158 in June.

The restructuring is part of a broader efficiency programme aimed at improving competitiveness amid volatile energy markets and supporting the group’s transition toward lower-emission energy production.

OMV Petrom, majority owned by Austria’s OMV Group, is Romania’s largest integrated energy company, with operations spanning exploration, production, refining, and power generation.

(Photo source: Brandportal.omvpetrom.com)