Romania's OMV Petrom aims to fully replace depleted reserves by 2021

Romanian oil & gas producer OMV Petrom wants to fully replace its depleted reserves by 2021, according to its updated Strategy 2021+. Moreover, the company plans annual investments of EUR 1 billion between 2017 and 2021 to achieve this goal. OMV Petrom CEO Mariana Gheorghe said that it’s the first time when the producer sets out such clear and ambitious indicators on replacing its depleted reserves. OMV Petrom also focuses on regional expansion to increase the reserves replacement rate. Its areas of interest target the western Black Sea and the Caspian region. The total proved oil and gas reserves in OMV Petrom’s portfolio amounted to 606 million barrel of oil equivalent (boe) while the proved and probable oil and gas reserves amounted to 879 million boe. The group’s reserves replacement rate was 36% in 2016. The OMV Petrom CEO said that the company will increase investments to about EUR 800 million this year, compared to EUR 570 million in 2016. The company returned to a profit of EUR 230 million last year, after a loss of almost EUR 150 million. OMV Petrom and the retailer Auchan plan to develop a pilot project for opening small hypermarkets within the gas stations operated by Petrom. editor@romania-insider.com