OMV has been active in Australia since 1998. In 1999, it was successful in acquiring Cultus Petroleum, a company with significant interests in both Australia and New Zealand.
Australia has internationally recognized potential for major discoveries, particularly in gas, and offers a very stable and attractive political and fiscal regime. Exploration activities are focused on the Carnarvon Basin on the North West Shelf offshore of the western coast of Australia, predominantly in a lightly explored area of the basin to the north of the giant gas discoveries that constitute the backbone of Australia’s Liquefied Natural Gas (LNG) industry.
Activities in 2010 included the acquisition and processing of a large 3D seismic survey of 4,000 km2 in the Carnarvon Basin as a basis for the 2011 drilling campaign. In the first half of 2011, the exploration well Zola-1 resulted in a significant gas discovery. An additional 3D seismic survey performed and an appraisal well will help to determine the options for commercial field development.