OMV Petrom to put EUR 800 million in exploration and production

Oil and gas company OMV Petrom will invest EUR 800 million in exploration and production (E&P) in Romania next year, according to Gabriel Selischi, the head of design and engineering with OMV Petrom. Company representatives says OMV Petrom will invest around EUR 1.5 billion in the next two years in Romania. Petrom runs a network of 550 gas stations in Romania and 268 gas stations internationally. OMV Petrom exploits oil and gas reserves in Romania and has an annual refinery capacity for 8 tonnes. IT posted EUR 3 billion in revenues last year, with its EBITDA at EUR 696 million. The company's majority shareholder is Austrian OMV.