n September 2011 the OMV Executive Board presented a revised strategy based on the pillars of "growth ? integration ? change ? performance".
The profitable growth strategy will allow OMV to develop into an integrated, international company focused on oil and gas with clearly improved profitability and strong growth in the upstream sector.
Over the coming years, the E&P (Exploration & Production) division will assume a far more significant role in the OMV Group.
The G&P (Gas & Power) division will optimize OMV?s gas portfolio positions and enable connections between OMV markets.
G&P will be better integrated with the upstream business to generate additional value from equity gas production.
R&M (Refining & Marketing) will continue to be an important business division; given the challenging market conditions, the focus will be on optimization and increasing efficiency.
The OMV portfolio will be more focused, and profitability will be continuously enhanced in order to best meet the challenges of the future.
The cornerstones of OMV's profitable growth strategy at a glance: Growing upstream Integrated gas Restructured oil downstream Improved performance across the entire Group E&P is the growth driver in the OMV portfolio.
OMV will direct over two thirds of future investment towards the exploration and production of oil and gas.
OMV will stabilize production in mature assets and speed up resource maturation from discovery to production.
Targeted acquisitions will not only yield greater production volumes, but will also add additional development and exploration opportunities.
Stepping up exploration efforts will ensure the sustainability of the E&P portfolio and provide a foundation for long-term growth.
E&P's core growth areas are the Black Sea, the North Sea region, the Caspian Sea region, the Middle East, and Africa.
Integrated gas Natural gas is the cleanest fossil fuel and gas is set to be the biggest single primary energy source in Europe, thereby increasing the importance of OMV?s G&P division.
Integration with the upstream business will increase in order to exploit greater potential from equity gas production.
G&P?s major role is to optimize OMV?s gas and power positions, as well as to develop sales markets and the related infrastructure.
Restructured oil downstream The oil downstream market in Europe is under pressure: as a result R&M is reducing its asset base.
In the coming years, up to EUR 1 billion will be generated through the divestment of non-integrated R&M assets.
In addition, the product yield will be adjusted towards market demand for middle distillates and petrochemical feedstock.
The modernization of existing assets in Petrobrazi will be completed.
Enhanced asset-backed trading activities will support the optimal use and capacity utilization of existing assets.
There will be a particular emphasis on the effective management of capital and cost efficiency.
Improved performance across the entire Group In order to support the profitable growth strategy, OMV launched a performance improvement program, the implementation of which began in summer 2012.
?energize OMV? aims to achieve a 2-percentage point ROACE increase by 2014 and addresses margin improvements, cost reduction and capital management.