OMV Petrom Seeks 11% Budget Increase, Citing Neptun Deep Costs

OMV Petrom will ask shareholders to approve a revised 2026 investment budget of RON 9.98 billion (approximately EUR 1.92 billion). This is an 11% increase over the budget approved in April. Shareholders will vote at the general shareholders’ meeting on November 6, 2026.

The proposed increase is RON 969 million. The company cites higher-than-anticipated capital expenditures for the Neptun Deep gas project in the Black Sea and the Romanian leu’s depreciation against the euro.

The initial budget used an exchange rate of RON 5.1 per euro. The revised budget uses a rate of RON 5.2 per euro.