OMV Petrom is the largest energy company in Southeastern Europe. The Company is active along the entire energy value chain: from exploration and production of oil and gas to refining and fuels distribution, and further on to power generation and marketing of gas and power.
The Company is organized into three operationally integrated business segments – Upstream, Downstream Oil and Downstream Gas. OMV Petrom’s integrated business model provides financial resilience due to synergies and natural hedging against oil price volatility. In Upstream, OMV Petrom is present in Romania, Bulgaria and Kazakhstan. In Romania, we have operations in seven domestic Assets (Asset Moesia, Asset Crișana, Asset Oltenia, Asset Muntenia, Asset Muntenia Vest, Asset Moldova and Asset Petromar), operating 193 commercial oil and gas fields. Our expertise varies from deep onshore and offshore exploration to mature fields and shallow offshore production. In 2020, our portfolio consisted of 473 mn boe proved reserves and around 53 mn boe hydrocarbon production (thereof 3.5 mn tons of crude oil and natural gas liquids and 4.2 bn cubic meters of natural gas).
With regards to business strategy, our long-term growth depends on our ability to discover and commercially exploit existing and new reserves to leverage the role of natural gas in the energy transition, while preparing and transforming our business towards a low-carbon future.
Thus, in 2020, we concluded a few international transactions. For example, we completedthe acquisition of OMV Offshore Bulgaria GmbH, following the Han-Asparuh extension of the exploration license in the offshore block in Bulgaria.
OMV Petrom’s share in the block is now 42.9%, alongside Total, with 57.1%, as operator. In the Eastern Black Sea, following the successful bidding procedure, we signed a Production Sharing Contract (PSC) for Georgia Offshore Exploration Block II, in March 2021. At the end of last year, OMV Petrom signed the transaction for the sale of its 100% shareholding in Kom-Munai LLP and Tasbulat Oil Corporation in Kazakhstan. Closing of the transaction is subject to certain conditions precedent, including approval by the Kazakh Ministry of Energy, and is expected in the first half of 2021.
In Downstream Oil, we operate the Petrobrazi refinery, located in Prahova county, which has a capacity of 4.5 mn tons per year and can process OMV Petrom’s entire Romanian equity crude oil. We are present in the oil products retail market through 793 filling stations located in Romania, Moldova, Bulgaria, and Serbia. These filling stations are operated under two brands: Petrom and OMV.
In 2020, the Downstream Oil segment recorded 4.99 mn tons of refined product sales, of which 2.62 mn tons were retail sales.
In Downstream Gas, we are engaged in electricity production and gas and power sales. We operate the Brazi gas-fired power plant, which has a capacity of 860 MW. The Combined Cycle Power Plant Brazi is located in the same area as the Petrobrazi refinery. In 2020, the Downstream Gas segment recorded gas sales volumes of 57 TWh (thereof 47.75 TWh to third parties) and generated 4.27 TWh of electricity. The power business had an excellent contribution, while our gas portfolio showed good resilience in a declining year-on-year gas price environment. Every day, millions of people and thousands of businesses in Romania and in the region use our energy. OMV Petrom’s fuels and energy products enable mobility, provide heat for living and working, and form the basis for a variety of plastics and high-end petrochemical products used daily.
In 2020, during the pandemic crisis, we introduced swift measures to ensure an uninterrupted supply of energy to society, to protect the health and safety of our employees and customers and to safeguard the strength of our business.