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Exploration & Production

In Exploration & Production, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea and Asia-Pacific as core regions. Daily average production was 486,000 boe/d in 2021 with an emphasis on natural gas.

On March 5, 2022 OMV decided that Russia will no longer be a core region and that investments in Russia will no longer be pursued.

Core Regions:

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Core Region: Central Eastern Europe 

In Exploration & Production, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea and Asia-Pacific as core regions. Daily average production was 486,000 boe/d in 2021 with an emphasis on natural gas.

On March 5, 2022 OMV decided that Russia will no longer a core region and that investments in Russia will no longer be pursued.

 

     

Core Region: Middle East and Africa 

In Middle East and Africa (MEA), OMV is active in the United Arab Emirates (UAE), Tunisia, Libya, the Kurdistan Region of Iraq and Yemen with production of 47.29 kboe/d in 2020.

     

Core Region: North Sea 

OMV is active in exploration, appraisal, development and production projects in Norway. The company is focusing on the production assets, exploration activities and maturing the Iris Hades discoveries.

     

Core Region: Asia Pacific 

The acquisition of the Shell assets in New Zealand was an important step in establishing Asia-Pacific as the fifth OMV core region. In addition, OMV Exploration & Production is active in Southeast Asia for the first time with the acquisition of a 50 percent stake in the new Malaysian joint venture company SapuraOMV Exploration & Production.

     

Further regions

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OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 35,555 mn and a workforce of 22,434 employees in 2021, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. 
 In Exploration & Production, OMV has a strong base in Romania and Austria as part of the Central and Eastern Europe core region as well as a balanced international portfolio, with Russia, North Sea, Middle East and Africa as well as Asia-Pacific as further core regions. 2021 daily production stood at approximately 486,000 boe/d. 
 In Refining & Marketing, OMV operates three refineries with a total processing capacity of around 500 kbbl/d and around 2,100 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany. In 2021, gas sales volumes amounted to around 196 TWh. 
 Sustainability is an integral part of the corporate strategy. OMV is set to invest EUR 500 mn in innovative energy solutions by 2025.

The OMV Strategy 2030 focuses on the following topics:

  • Net-zero emissions by 2050 
  • Growth projects in natural gas, as an energy transition fuel 
  • Fossil production will be reduced gradually until 2030 
  • Low carbon business will be built, with significant investments in geothermal energy and CCS

OMV in Russia

OMV’s cooperation with Russia dates back to 1968, when it became the first European company to conclude a gas supply agreement with the former USSR. This decision triggered several similar agreements with Western European companies. The Soviet Union, remained a supplier and new gas supply agreements were signed in 1974, 1975 and 1982. In 2018 OMV extended these agreements with Russian Gazprom.
OMV has had a small representative office in Moscow since 1991. 
In 2017, OMV started building a full “hub” organization in St. Petersburg, which is responsible for all OMV activities in Russia. 

Yuzhno Russkoye
 

In 2017, OMV acquired a 24.99% share in the Yuzhno Russkoye natural gas field located in Western Siberia from Uniper SE.
The acquisition is adding 100,000 boe/d to OMV’s production. The Yuzhno Russkoye field is one of the largest gas fields in Russia, situated in Western Siberia. Current plateau production of the field amounts to 25 bn cubic meters per year (100%). The gas from this modern and technically-advanced field is the key resource for the Nord Stream pipeline which supplies Germany directly with  Russian gas. 
The Yuzhno Russkoye transaction is retroactively effective as of  January 1, 2017. 

Achimov  

In October 2018, OMV and Gazprom signed a “Basic Sales Agreement” which foresees a potential acquisition of a 24.98% interest in the Achimov IV and V phase development in the Urengoy gas and condensate field by OMV for a purchase price to be negotiated in good faith. The “Basic Sale Agreement” replaces the “Basic Agreement” concluded between OMV and Gazprom on December 14, 2016 which provided for potential swap of the aforementioned interest against a 38,5% participation of Gazprom in OMV (NORGE) AS.

On March 1, 2022, the Executive Board of OMV has decided not to further pursue negotiations with Gazprom on the potential acquisition of a 24.98% interest in the Achimov 4A & 5A phase development in the Urengoy gas and condensate field and to terminate the Basic Sale Agreement. 

Milestones

  • 1968: OMV signs first gas supply contract with Russia
  • 1991: OMV opens office in Moscow
  • 1992: OMV E&P Yakutia founded; Exploration activity in Yakutia
  • 1997: OMV E&P Yakutia sold to Euro Gas Inc.
  • 2009: Production of 2,500 boe/d in Russia
  • 2014: MoU (Memorandum of Understanding) signed between OMV & Gazprom concerning South Stream
  • 2015: MoU (Memorandum of Understanding) signed between OMV & Gazprom concerning South Stream
  • 04/2016: Signing of agreement between OMV & Gazprom on strategic scientific & technical cooperation
  • 06:2016: MoU signed between OMV & Gazprom on Exploration & Production cooperation
  • 2017: Set-up of Russia Hub
  • 12/2017: The Yuzhno Russkoye gas field transaction closing
  • 2018: Signing of Basic Sales Agreement between OMV & Gazprom on Achimov 4A & 5A
  • 2020: Signing of Amendment Agreement to the Basic Sale Agreement extending the negotiation phase on Achimov 4A & 5A until June 2022
  • 2021: Scientific & Technical Collaboration Program with Gazprom extended for 5 years
  • 2022: Negotiations on potential acquisition of a 24.98% interest in the Achimov 4A & 5A stopped. Basic Sale Agreement terminated 

Facts

  • 24,99% share in Yuzhno Russkoye field
  • Average production level of 100 kboe/day
  • Strategic partnership with Gazprom
  • Scientific & technical cooperation with Gazprom and Gazprom Nedra  

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