OMV to invest €400m in Austria oil, gas production

08 April 2014 15:33  [Source: ICIS news]

LONDON (ICIS)--OMV is to consolidate its oil and gas production activities in its home market of Austria with an anticipated €400m investment into the Weinviertal region over the next two years, the company said on Tuesday.

Located in lower Austria, in the northeast of the country, OMV said the Weinviertal is its third-most important oil and gas production site after its operations in Romania and Norway, and that 4.7% of the province’s GDP is derived from its activities there.

Up to 24 drillings will be carried out in the region in 2014, with 20 more planned for both 2015 and 2016. 14 projects also involve exploration wells, the company added.

The investment is likely to balance out natural resource depletion in Weinviertal, OMV added, keeping productivity around the 35,000 bbl/day output generated in 2013.

“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.

The company estimates that around 80% of its projected €3.9bn in global capital expenditure will be invested into exploration and production.

By: Tom Brown
+44 208 652 3214

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