Austrian oil and gas company OMV intends to invest EUR 1 billion in the next seven years in its three refineries, one of which is in Romania.

OMV wants to double its refining capacities on the long term, thus invest in its Schwechat (Austria), Burghausen (Germany) and Petrobrazi (Romania) refineries, according to its most recent report. This is part of the group’s development strategy by 2025, including delivering more gas from Romania and Norway to the European transport network.

The company’s report mentions the Nord Stream 2 gas pipeline, seen as crucial for OMV, as it would secure a consistent gas volume on the long term. OMV’s Neptun offshore gas field in Romania should bring a significant contribution to the planned production increase, together with the oil fields in Russia.

OMV intends to increase its oil land gas production from 340,000 barrels of oil equivalent (boe) a day in 2017, to 600,000 boe a day in 2025.

OMV Petrom starts building EUR 18 mln fuel storage facility in western Romania

editor@romania-insider.com