OMV Petrom is set to invest 11 billion euro over the next decade, and about 35% will go towards low and zero carbon investments, said Christina Verchere, CEO, OMV Petrom.
„In December 2021 we laid out our strategy for 2030, which was the start of our journey to decarbonize our business. Also having in mind 2050, when there will be less demand for fossil fuels, we laid out a first decade in our decarbonizing plan. We laid out an investment plan of 11 billion euro, to start that decarbonization. At the heart of it there will be two components – one, we see fundamentally gas as a part of energy transition, having also in mind Neptun Deep, but we also are looking at growing our power business, going into renewables, in gas-fired power, we are also looking at biofuels, particularly in the first half of the decade. Then, in the longer term, what will hydrogen look like for Romania, what will carbon capture and storage look like… We also set out GHG target reductions, we are set to take down our GHG intensity by 20% by the end of the decade. We are looking to build the transition and we set up that from that 11 billion euro, 35% will go towards low and zero carbon investments”, Verchere said.
She also said that OMV Petrom became operator of Neptun Deep project.
„We have an international team in place, we are working through the steps, with our fundamental goal based on the middle of 2023, to be able to see and take a final investment decision for that. We are working as fast as we can. We have also been a prudent, diligent operator, making sure we follow international steps for a project of this size”.
She added that if the final investment decision in Neptun Deep is taken in 2023, the first gas will be extracted in 2027.
„The main market will be Romania…The Black Sea will be a game changer for Romania, putting into the position of an exporter and a regional player,” Verchere concluded.
