The company will invest around EUR1 billion this year, 30% less than in 2014, of which over 85% into the upstream sector.
The average Urals crude price dropped to below $50 a barrel in the third quarter, half of the level registered in the same period last year.
The group’s hydrocarbon output came in flat year-on-year, as the past investments and discoveries compensated for the natural decline and the currently reduced investments.
OMV Petrom reported a net profit of 991 million lei (EUR223.1 million), 59% lower than in the same period last year. Its sales declined 16% in the first nine months, to RON13.62 billion, as international oil prices halved compared with the same period of 2014.