Austria's OMV to spend €130m on shale gas test drilling

02 December 2011 15:45  [Source: ICIS news]

LONDON (ICIS)--OMV is to spend €130m ($176m) on two test drillings for shale gas in Austria's Vienna Basin, the Austrian oil, gas and petrochemical group said on Friday.

The drilling would take place within the next 12 to 24 months, it added.

OMV also confirmed speculation that its geological study of the shale gas reserves showed they were large enough to meet Austria's annual domestic gas consumption – 8bn cbm – for two to three decades.

However, the company stressed it would only move into shale gas production if it could guarantee “clean shale gas” operations that are both ecologically and economically viable.

The test drillings will take place in the area around Poysdorf in the Vienna Basin, which is located between the Alps and the Carpathian mountains.

($1 = €0.74)

By: Will Conroy
+44 20 8652 3214

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