Serbia is OMV Petrom’s main target in Western Balkans for renewables investment

Romanian integrated energy company OMV Petrom is looking to increase its 2030 renewable electricity target of over 2.5 GW, according to its Vice President Narcis Popescu, responsible for business development in the gas and power division. He revealed at Belgrade Energy Forum – BEF 2026 that Serbia is the main target in the Western Balkans for expansion in the segment, including cooperation with local businesses.

OMV Petrom, majority-owned by Austria-based OMV, is conducting a transition toward low- and zero-emission energy technologies. Natural gas production and supply is one of the main pillars, while the company is also leaning on carbon capture, utilization and storage (CCUS), green hydrogen, electric mobility and biofuels. As for renewable electricity, it has 100 MW in operation and over 900 MW under construction, out of the portfolio of more than 2.5 GW overall. It consists of solar and wind power in a 3:2 ratio.

In a presentation at Belgrade Energy Forum – BEF 2026, held last week in Serbia’s capital city, Vice President Narcis Popescu revealed that the 2.5 GW objective for 2030 is expected to be revised higher. The company is open to cooperation with governments and businesses in countries in which it operates or will operate, he stressed and pointed to the opportunity from the forthcoming expansion in renewables. It is interested in the Western Balkans and Serbia is its main target there, said Popescu, who is in charge of business development in the OMV Petrom Gas and Power division.

He also called for joint efforts in energy supply in Southeastern Europe.

New green businesses entitled to 25% of capital investments

The largest integrated energy company in Eastern Europe, as Popescu called it, has a EUR 11 billion spending program for the period 2022-2030. OMV Petrom intends to allocate 25% of the capital expenditure, capex, to its new green businesses.

“The enablers for us are digitalization, innovation, all the progresses in terms of AI and all the other tools which will make our work a lot more efficient,” the VP underscored. He stressed that the company is focused on getting buy-ins from communities at the locations of its investments, and committed to investing in local development.

Solar panels are arriving for the joint venture with CE Oltenia

OMV Petrom is working on in an equally-owned PV joint venture with state-owned coal power plant operator Complexul Energetic (CE) Oltenia. The solar panels were about to arrive at the Black Sea port of Constanța, according to Popescu. The decarbonization endeavor is for a stunning 550 MW altogether.

OMV Petrom is in a 50-50 partnership with Renovatio as well, for 950 MW in wind power and 180 MW in photovoltaics, and another with Enery Element in Bulgaria, for the 400 MW Gabare solar power project.

In Romania, it is working on a PV cluster of 710 MW in Teleorman and building its Ișalnița solar park of 89 MW.

As for mobility, OMV Petrom has 1,350 EV charging points, including in partnerships. It is targeting over 5,000 for 2030.

Neptun Deep offshore project to make Romania biggest gas producer in EU

OMV Petrom’s flagship Black Sea Gas Project consists of Neptun Deep, equally shared with Romgaz, and the Han Tervel exploration venture offshore Bulgaria with Shell and Turkish Petroleum Corp. (TPAO). The Romanian company controls 25%.

“Neptun Deep is for us a transformation project and we believe we’ll bring in the region the necessary gas that everybody is talking about, and it’s heavily affected by the most recent geopolitical events,” Popescu added. The company counts on the first quantities in 2027 and 100 billion cubic meters per year. It would make Romania the biggest gas producer in the European Union.

The Petrobrazi refinery processes 4.5 million tons of crude oil per year. In 2028, the facility should start producing sustainable aviation fuel (SAF) as well. The area, Brazi, also hosts OMV Petrom’s combined cycle gas plant (CCGT) of 860 MW. The company generates 4.7 TWh of electricity a year, matching to 9% of Romania’s consumption.

OMV Petrom sells 48.3 TWh of gas (4.5 billion cubic meters) in Romania and abroad alongside 5.5 million tons of refined products. It is equivalent to more than one third and approximately two thirds of consumption, respectively, in the home country.

Total annual hydrocarbon production is 38 million barrels of oil equivalent. Popescu noted that the company has 411 million barrels of oil equivalent in proven reserves.