OMV Petrom reports profit drop while funding Neptun Deep gas project

OMV Petrom posted a net profit of about €355 million for the first half of 2026, a 14 % decline from the same period a year earlier. The drop was driven by lower international oil prices, ongoing regulatory intervention in Romania’s gas and electricity markets and scheduled maintenance at several facilities.

Capital expenditure reached roughly €375 million, exceeding the reported profit, with a large portion directed to the Neptun Deep offshore gas project in the Black Sea. The project is intended to become a major new source of gas for Romania and neighboring markets, potentially reducing Southeast Europe’s reliance on imported gas. Despite the earnings dip, the company said operating cash flow remains strong enough to support strategic projects and disciplined capital allocation.

The investment underscores OMV Petrom’s transition toward a capital‑intensive phase, using its balance sheet to finance an asset that could reshape regional gas supply over the next decade.