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OMV invests €400 million in E&P operations in Lower Austria

Oilfield Technology,


OMV, the integrated, international oil and gas company, is consolidating its commitment to oil and gas production in Lower Austria. The Weinviertel region is the third most important production site in the company’s global portfolio after the exploration and production areas in Romania and Norway.

In line with the corporate strategy, OMV has invested heavily in exploration and production in Lower Austria. Investment in Lower Austria is set to rise to around EUR 400 million in the next two years.

Until 2016 around 80% of OMV’s total investment of around EUR 3.9 billion worldwide will go on exploration and production.

An exploration and production foundation in Austria

OMV CEO Gerhard Roiss: "Anyone striving for international growth needs to have a strong foundation. For us this foundation is Lower Austria. This investment in exploration and production underlines the importance of this region in the OMV portfolio."

The entire region benefits from OMV´s strong position as an employer and reliable partner in Lower Austria with its production of oil and gas and the Schwechat refinery. This was confirmed by a study by the research institute "Economica Institut für Wirtschaftsforschung", headed by Christian Helmenstein. Over 13,000 jobs are secured as a direct and indirect result of OMV’s activities in Lower Austria and OMV contributes 4.7% to the province’s GDP, the same level as the tourism industry.

"We took the decision on these investments in Lower Austria last year. Resources are needed in order to counter the natural depletion and stabilise production in what are mostly mature fields. Without these investments it wouldn’t be possible for us to maintain production levels", said OMV CEO Gerhard Roiss.

Last year the region produced 35,000 boe/d (1 barrel = 159 liters). Despite the natural depletion of resources, this level should remain stable in 2014 as the investment is set to balance out the natural depletion of 10% per year.

Future drilling plans

Drilling additional wells in Lower Austria is the key to securing and increasing production. Up to 24 drillings will be realised in Weinviertel in 2014, with 20 more planned for 2015 and 2016 respectively. 14 projects involve exploration wells with additional production potential.

Adapted from press release by Cecilia Rehn

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09042014/omv_invests_400_million_euros_in_lower_austria/

 

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