The company estimates it will invest EUR800 million to EUR1.1 billion this year, of which 85% into exploration and production.
CEO Mariana Gheorghe said in a press release Thursday the company is reducing its investment plans for this year and focusing on cost optimization due to market volatility. She added OMV Petrom is maintaining its projects with growth potential in the Black Sea.
OMV Petrom invested a total RON6.23 billion (EUR1.4 billion) in 2014 and around RON5.3 billion in 2013.