Energy Strategy

As the energy landscape evolves, OMV has recalibrated its strategic priorities up to 2030 in the Energy segment. The Company remains committed to growing its gas portfolio and has adjusted the pace of investments in renewables, while keeping the overall strategic direction unchanged.

OMV aims to become a leading producer of gas for its core European markets with increased investments in exploration and production. This ambition is rooted in the belief that gas will play a pivotal role in Europe’s energy transition, providing both security of supply and a lower-carbon alternative as we move away from coal and oil.

OMV’s exploration and production portfolio is focused on three core regions: North, Central and Eastern Europe (CEE), and South. In the North region, consisting of Norway, the focus is on high grading the portfolio by growing equity gas production and extending its longevity and materiality. The Berling project, OMV’s first operated field development on the Norwegian continental shelf, is a key part of its strategy to grow gas volumes. With estimated recoverable resources of 45 mn boe, Berling strengthens OMV’s role as a reliable energy partner for Europe and supports the transition to a more secure and sustainable energy future. In the CEE region, OMV is active in Austria, Romania, and Bulgaria. Operated by OMV Petrom, Neptun Deep is the largest offshore gas project in the EU and will see the Company play a significant role in the Black Sea. Neptun Deep will deliver 140 kboe/d of gross production (50% OMV Petrom) for an eight- to ten-year plateau period and is on track to start production in 2027. By 2030, the Company expects Neptun Deep alone to contribute approximately EUR 0.5 bn to OMV Petrom’s clean Operating Result. Neptun Deep will double Romania’s gas output and will enable exports to Europe. In addition, the presence in the Black Sea region will be strengthened by leveraging the extensive experience of OMV Petrom in the Black Sea and tapping into the exploration potential of the Han Asparuh offshore block in Bulgaria. In the South region, where OMV is active in the United Arab Emirates, Libya, Tunisia, and the Kurdistan Region of Iraq, the aim is to grow gas production and add reserves in North Africa.

OMV continues to focus on cost and efficiencies, remains committed to executing an expanding pipeline of organic projects, and pursues value-accretive inorganic opportunities that leverage OMV’s strengths and unlock additional synergies. The Company is targeting organic oil and gas production of between 320 and 330 kboe/d by 2030 and is also looking into inorganic opportunities to complement the portfolio and reach a total production level of around 400 kboe/d by 2030. Furthermore, it is aiming to achieve an oil and gas portfolio cash break-even point of less than USD 30/boe and an organic unit production cost lower than USD 9/boe by 2030.

In the Gas Marketing & Power business, OMV manages an integrated portfolio of gas supply, sales and trading, storage, LNG regasification capacity, and power generation. With approximately 30 TWh of storage capacity in Austria and Germany and long-term LNG contracts in place, OMV ensures supply security and stable returns. Gas supply sources are fully diversified, as OMV has not supplied gas from Russia since December 2024. OMV has secured transportation capacities into Austria via Germany and Italy to enable it to supply equity gas and third-party volumes from Norway to Austria, as well as LNG volumes leveraging the share in regasification capacities at the Gate LNG terminal in Rotterdam. With Neptun Deep expected to come on stream in 2027, OMV’s equity gas volumes are set to increase significantly. The strategic aim is to unlock further value by expanding its trading and sales footprint in Europe and strengthening profitability through a multi-commodity trading platform – positioning gas as a key enabler in the Company’s portfolio.

Regarding power generation, the Group continues to benefit from the integration of gas and electricity in Romania through OMV Petrom, with profitability driven by power margins and spark spreads, alongside balancing services and integration with renewable power capacities. The Group expects to produce over 6 TWh annually. OMV’s growth in renewable power is strongly driven by OMV Petrom’s ambition to become a leading power market player in Southeast Europe. This is underpinned by significant investments and a clear growth strategy in renewables, targeting more than 2.4 TWh (net to OMV Petrom) of renewable electrical output annually by 2030. To capitalize on Romania’s favorable wind and solar conditions, OMV Petrom has secured a strong project pipeline, one of the largest new solar and wind power portfolios in Romania, which had already added more than 2.5 GW of capacity including partnerships, at the end of 2025. Among these is the partnership with Complexul Energetic Oltenia for an increased capacity of approximately 550 MW and the Isalnița project, with around 89 MW of PV capacity, for which the EPCC contract was awarded and the construction phase has started. OMV Petrom also expanded in Bulgaria with the Gabare project of around 0.3 TWh net electrical output per year, which was closed in September 2025. OMV Petrom’s total investments from 2026 to 2030 will be around EUR 0.7 bn, with a targeted IRR of at least 10%. The existing 860 MW gas power plant provides a flexible backbone, helping to reduce the variability of renewable electricity production. Furthermore, power storage opportunities to further increase the flexibility and reliability of electricity supply are being explored.

In geothermal energy, OMV is targeting around 1 TWh of net production output by 2030, with an IRR of at least 10%, which reflects a more measured pace of development. This accounts for evolving market dynamics and the current maturity of geothermal technologies, ensuring that investments are aligned with technological readiness and long-term value creation. OMV is advancing geothermal energy development through two complementary technologies. The first, the open-loop system, utilizes naturally occurring aquifers to extract and reinject hot water for energy production. In 2023, OMV formed a joint venture with Wien Energie, which operates one of the largest district heating networks in Europe, to explore and develop the potential of the Vienna basin using the open-loop technology. The joint venture “deeep” has already completed drilling for a 20 MW pilot plant, with production tests ongoing and a planned start-up in 2028. The second phase, targeting 60 MW, will begin drilling in 2026 and is expected to start up in 2030. The long-term plan is to scale up to 200 MW after 2030, which would be enough to supply around 200,000 households – about half of Vienna’s district heating customers. The second technology, the closed-loop system, relies solely on subsurface hot rock formations, circulating water through a sealed system without the need for natural reservoirs. This closed-loop approach offers significant potential for scalability, as it is less dependent on specific geological conditions, making it a promising pathway for broader deployment in the future. In 2023, OMV became a minority shareholder in Eavor, a Canadian company specializing in innovative closed-loop geothermal technology. At present, the two companies are conducting tests to assess the commercial viability of this technology in Germany at the Geretsried site, with electricity production having started in December 2025. The organic investment for geothermal projects is estimated at around EUR 700 mn for the period 2026 to 2030.