Within the Low Carbon Business (LCB), OMV is focused on advancing opportunities and projects in the renewables and geothermal sectors. OMV plans to invest a total of approximately EUR 1.4 bn in these areas over the period 2026–2030. Approximately 50% is planned for renewables, supporting OMV Petrom’s ambition to become a leading power market player in Southeast Europe. OMV Petrom is targeting more than 2.4 TWh of net electrical output by 2030. Similarly, about half of this CAPEX is allocated to geothermal projects, with the goal of producing about 1 TWh of geothermal energy by 2030.
To support these goals, the LCB team is actively advancing renewable power and geothermal energy solutions. In recent years, these initiatives have gained significant momentum, with many projects currently in the assessment or early investment phase. We plan to ramp up investment in these areas after 2027.
Renewable Power
Several renewable power generation projects are being developed in the Gas & Power Eastern Europe business. OMV Petrom is collaborating with partners to build a strong portfolio of projects, with gradual phasing of implementation or execution. The well-balanced mix of own projects and partnerships ensures risk sharing, an optimized financing structuring, and the best use of operational capabilities.
In 2025, OMV Petrom completed the acquisition of 50% of the shares in the Gabare photovoltaic project, developed by Enery in Bulgaria. The project is one of the largest in the country with a total capacity of approximately 400 MW, leading to estimated annual production upon completion of 0.3 TWh (net to OMV Petrom). It will be equipped with solar trackers to maximize energy production. In addition, the partners are considering the development of a battery energy storage system to support grid flexibility and stability. The transaction marks a significant step in OMV Petrom’s regional expansion and in strengthening its renewable energy portfolio.
Currently, OMV Petrom and its partners have a renewable capacity of around 70 MW already in operation and over 900 MW in construction, the rest being in various phases of execution.
Geothermal
OMV’s geothermal energy strategy is to establish a strong position in the geothermal energy sector with a target of approximately 1 TWh of net production output by 2030, which will be achieved by drawing on decades of expertise and experience in subsurface and drilling, as well as through access to the latest technology developments. The Group aims to apply existing and new technologies to unlock the potential of geothermal energy, and seeks to decarbonize district heating networks, large infrastructure operators, and industrial plants.
An important example is our joint venture with Wien Energie, “deeep,” which focuses on developing geothermal plants in Vienna with the aim of providing climate-neutral district heating for up to 200,000 households. The first plant, located in Aspern, Vienna, will have a capacity of 20 MW, supported by heat pumps – enough to supply approximately 20,000 households. Drilling of three wells, each reaching depths of over 3,000 meters, has been completed, with testing scheduled to be finished in early 2026. These wells will utilize hot formation water for heat generation, with first heat delivery expected in 2028.
In line with our commitment to sustainable energy solutions, OMV prepared a comprehensive seismic survey to assess the geothermal potential of the East Styrian basin in Austria. OMV is constantly evaluating and maturing further opportunities and projects with regards to hydrothermal and closed-loop geothermal energy. As an example, OMV holds a stake in Eavor Technologies Inc., a leading developer of closed-loop geothermal solutions. Their technology uses closed-loop multilateral wells deep underground. OMV holds exclusive agreements with Eavor as a strategic investor. Eavor is currently proving the commercial viability at the Geretsried site in Germany, with first electricity production successfully achieved in December 2025. OMV is currently in negotiations with several cities in Germany and Romania for deployment of the technology. First production from OMV projects is expected before 2030.