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.
OMV is involved in five exploration permits and operates three of them. In 2011, the exploratory well Zola-1 led to a major natural gas discovery for OMV. A 3D seismic survey of the Zola area has been conducted since then; the results of an expansion well help determine economic development possibilities. OMV is also interested in a number of neighboring permits that have promising potential for substantial gas discoveries. Several seismic processing projects are underway and another exploratory well is planned for 2014.