OMV to invest $550 million in Lower Austria

OMV 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 $550 million (EUR 400 million) in the next two years.
Until 2016 around 80% of OMV’s total investment of around EUR 3.9 bn worldwide will go on exploration and production.

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."

"We took the decision on these investments in Lower Austria last year. Resources are needed in order to counter the natural depletion and stabilize 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 boed. 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.

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

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Blockline and Associate Ltd Nigeria Ltd, online.