Romanian OMV Petrom to build 1 GW of renewable capacity by 2030
Date: December 7th 2021
Author: Peter Palčec
Category: En.vision
Topic:
Electricity
, Natural gas
, Oil and oil derivates
, Renewables
, Energy policy
, CO2 emissions
, New technologies
Romanian oil and gas company OMV Petrom intends to construct around 1 GW of renewable capacity by 2030, according to the company’s EUR 11bn investment plan.
In its business strategy, which was published on Tuesday, OMV Petrom plans to increase the share of gas in its hydrocarbon production mix to around 70% by 2030 through new gas exploration and exploitation in the Black Sea region. It also intends to raise the share of biofuel in its total fuel production to over 15%.
OMV Petrom’s CEO Christina Verchere said in a press release published on Tuesday that this EUR 11bn investment represents the “largest private investment plan in the Romanian energy sector, with over 35% going to low and zero carbon opportunities.”
According to the strategy, OMV Petrom also expects to reduce the carbon intensity of its operations by around 30%, which should result in a 20% drop in harmful emissions by 2030. Furthermore, the company has also said that it will reduce methane intensity to less than 0.2% by 2025.
To lower carbon emissions, a low-carbon mobility infrastructure will also be developed, which will consist of more than 500 filling or recharging points for alternative fuels. The plan “includes the largest network for electric vehicles in OMV Petrom’s operating region by 2030, as well as LNG mobility and CNG investments,” reads the strategy.
Moreover, in the second half of the decade, OMV Petrom will intensify the pace of its investments to seize opportunities in carbon capture and storage, as well as in the hydrogen sector.
When it comes to gas production and exploration, OMV Petrom considers the planned Neptun Deep project in the Black Sea to be of key strategic importance for the company. A final investment decision regarding that project will be made in either 2022 or 2023, and the first gas flows are expected around four years after that.
The company also aspires to become the “supplier of choice for customers” and to increase its market presence across the region, which “will translate into total gas sales of around 70 TWh by 2030. In the power business, investments in renewable energy will lead to an increase in green power sales to more than 20% of total power sales by the end of the decade,” says OMV Petrom.
New gas-fired plants
This means that OMV Petrom now owns 40 such gas-fired plants, with a total installed capacity of 100 MW.
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