OMV Petrom reported a Clean CCS Operating Result of 3 billion lei for the first half (H1) of 2026, representing a 21% year-on-year increase, supported by improved performance in its Gas & Power (G&P) and Refining & Marketing (R&M) businesses amid a volatile commodity price environment.
Despite stronger operating performance, the company’s net income declined 14% year-on-year to 1.8 billion lei, mainly due to lower net interest income, a weaker financial result, and the impact of the solidarity tax on its Exploration and Production (E&P) business.
Capital expenditure during the January–June 2026 period increased 13% to 3.7 billion lei, reflecting continued investments in strategic growth projects, including the Neptun Deep offshore gas development, sustainable aviation fuel (SAF) and hydrotreated vegetable oil (HVO) facilities, renewable energy projects, and conventional upstream operations.
OMV Petrom also reported a 29% increase in contributions to the Romanian state budget, which reached 10.2 billion lei during the reporting period.
Exploration and Production Performance
The company’s Exploration and Production segment generated a Clean Operating Result of 1.55 billion lei, up 4% year-on-year, supported by higher oil and gas prices and increased gas sales volumes. These gains were partially offset by higher taxation and lower oil sales volumes.
Hydrocarbon production remained broadly stable at 103 thousand barrels of oil equivalent per day (kboe/d), while unit production costs increased 4% to USD 18.4 per barrel of oil equivalent, primarily due to foreign exchange effects and lower sales volumes.
Refining and Gas Operations
The Refining and Marketing business reported a Clean CCS Operating Result of 1.25 billion lei, a 33% increase compared to the same period last year. The improvement was driven by higher sales volumes and refinery utilisation, despite the impact of temporary regulatory measures.
The Petrobrazi refinery operated at a 97% utilisation rate, supporting reliable fuel supply, while the Group’s retail fuel sales volumes rose 5% year-on-year.
In the Gas and Power segment, OMV Petrom posted a Clean Operating Result of 318 million lei, compared with a loss in the corresponding period of 2025. The improvement was attributed to electricity market deregulation and stronger gas sales.
Gas sales volumes increased 15% year-on-year to 26.1 TWh, while the Brazi gas-fired power plant generated 2.1 TWh, contributing approximately 8% of Romania’s electricity generation mix despite a longer planned maintenance outage.
Strategic Projects Progress
OMV Petrom continued to advance several strategic projects across natural gas and low-carbon energy.
The Neptun Deep offshore gas project in the Romanian Black Sea moved closer to its targeted first gas production in 2027, with installation of the shallow-water production platform completed, six wells drilled, and the offshore pipeline laid to shore.
In Bulgaria, drilling activities were completed in the Han Asparuh exploration block. Although no commercially significant gas discoveries were made, the company said the drilling programme enhanced geological understanding of the area. OMV Petrom also completed its entry into the Han Tervel exploration block in July 2026.
Renewable Energy Expansion
The company also continued expanding its renewable energy portfolio across Romania and Bulgaria.
In Romania, three wind power projects with a combined capacity of around 300 MW entered the execution phase under OMV Petrom’s partnership with Renovatio Group. Construction also commenced on a 7 MW solar photovoltaic project at the Petrobrazi refinery.
The Gura Văii wind project, part of the companies’ approximately 1 GW renewable portfolio, secured €47 million in financing for implementation.
In Bulgaria, OMV Petrom advanced the Gabare solar project into the development phase, which will also include the company’s first battery energy storage system within its renewable portfolio.
The company also reported progress on its decarbonisation initiatives, including the delivery of all equipment modules for its 20 MW green hydrogen project at Petrobrazi and securing future production placement for its SAF/HVO facility. In addition, it completed an EU-supported electric vehicle charging infrastructure project along a key Central European transport corridor.
Looking ahead, OMV Petrom plans to invest approximately 9 billion lei during 2026 to strengthen Romania’s energy production capacity while continuing to expand its portfolio of renewable and low-carbon energy projects.
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