Focus on Gas and Petrochemicals in the Transition to Low Carbon Future

OMV presents performance and action plans to fulfill 15 sustainability targets by 2025
Apr 29, 2019 8:00 AM ET
Article

On April 18, 2019, OMV, the international integrated oil and gas company based in Vienna, published its 14th Sustainability Report. The OMV Sustainability Report provides a detailed overview of the company's sustainability performance, along with its activities, achievements and challenges.

In November 2018, OMV launched its Sustainability Strategy 2025 with 15 measurable targets in five OMV focus areas of sustainability. Acknowledging the goals set forth by the Paris Climate Change Agreements, OMV included targets directed on reducing the carbon intensity of its operations and product portfolio. The Sustainability Report provides an overview of OMV's plans to implement the sustainability targets. In the Report, OMV prioritizes Sustainable Development Goals (SDGs), in line with the sustainability focus areas of strategic importance for the Company.

In the Sustainability Report 2018, OMV discloses climate-change-related considerations in the operational elements of governance, strategy, risk management, and metrics and targets, in accordance with the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The indication of disclosures is provided in the TCFD Recommendations Index, published separately on www.omv.com/sustainability-report .

Rainer Seele, OMV Chairman of the Executive Board and CEO: “The global energy landscape is shaped by growing energy demands. As a socially responsible company, we must strike the right balance between affordable energy, security of supply, and climate protection."

To find this right balance in conducting business responsibly and transitioning toward a lower-carbon future, OMV is working on increasing the supply of natural gas to its customers. Natural gas already accounts for 57% of the OMV upstream portfolio. OMV will also increase the use of crude oil as a feedstock for petrochemicals. On top of this, OMV has committed up to EUR 500 mn by 2025 to implement innovative energy solutions. These include the ReOil plant targeted at integrating the circular economy into the oil value chain, and Co-Processing technology directed at reducing greenhouse gas emissions.

With its business and community development activities, OMV already helps to make life better for people in 23 countries.

OMV performance in ESG is distinguished by numerous ESG rating agencies and indices.

Further 2018 highlights

  • 12% decrease in Lost-Time Injury Rate
  • 371 thousand tonnes of CO2-equivalent saved via implemented projects
  • 470 TJ of energy saved as a result of energy saving projects implemented in refineries
  • EUR 40 mn spent on Research and Development in the area of innovative technologies.
  • Over 900,000 people benefited from 191 social projects.
  • OMV joined the Dow Jones Sustainability Index (DJSI World), the only Austrian company included.
  • OMV attained Prime Status under the ISS-oekom rating, positioning the company among the top 5% oil and gas companies with the best ESG (Environment, Social and Governance) performance.
  • OMV has achieved a CDP Climate Change score of A- (Leadership). This positions OMV among the top eleven companies in the global oil and gas sector.

The Sustainability Report is prepared in accordance with the Global Reporting Initiative (GRI) Standards – the most widely used guidance for sustainability reporting in the world. The Sustainability Report and regular information on OMV’s initiatives in the area of sustainability are available at www.omv.com/sustainability.

Background information:

OMV Aktiengesellschaft

OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of more than 20,000 employees in 2018, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria as part of the Central and Eastern Europe core region as well as a balanced international portfolio, with Russia, North Sea, Middle East and Africa as well as Asia-Pacific as further core regions. 2018 daily production stood at approximately 427,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2018, gas sales volumes amounted to around 114 TWh. Sustainability is an integral part of the corporate strategy. OMV is set to invest EUR 500 mn in innovative energy solutions by 2025.

For further information, please contact:

OMV Public Relations:     
Andreas Rinofner
Tel.: +43 1 40440 21357
e-mail: public.relations@omv.com
OMV Aktiengesellschaft
Trabrennstrasse 6 - 8
1020 Vienna, Austria

Read the Report