Energy

At the heart of our success in our 3 core regions – North, CEE, and South – are our employees in our 3 powerhouses: Exploration & Production, Gas Marketing & Power, and Low Carbon Business.

In Energy we aim to grow gas, become a leading producer of gas for our European core markets, and selectively advance renewables.

Our Energy business consists of Exploration & Production (E&P), Gas Marketing & Power, and the Low Carbon Business (LCB). The production portfolio is focused on three core regions: North, Central and Eastern Europe (CEE), and South.

We use our deep expertise in exploration and production, engineering, and innovation to ensure the supply of affordable energy for our customers today while driving OMV's transformation toward a net-zero future.

Our businesses

Exploration & Production (E&P) engages in exploration and appraisal, development, production of crude oil, natural gas liquids, and natural gas. In 2024, our daily hydrocarbon production was 340 thousand barrels of oil equivalent per day (kboe/d), with nearly equal shares of liquids and natural gas.

Gas Marketing & Power comprises a fully integrated natural gas sales and logistics network and operates across the value chain, from the wellhead to the end customer. We hold a 65% stake in the Central European Gas Hub (CEGH) and operate natural gas storage facilities in Austria and Germany with a combined capacity of around 30 terawatt hours (TWh), along with a 860 megawatt (MW) gas-fired power plant in Romania.
Low Carbon Business is focused on developing sustainable sources of energy for the future, including geothermal projects, and renewable power solutions. We will be investing EUR 1.4 bn by 2030 to drive future growth.

Energy strategy

Our priorities are:

To uphold the highest safety standards across all our operations
To attract, develop and retain the best people
To lower greenhouse gas emissions, phase out gas flaring and venting, and reduce fugitive methane emissions

In Exploration & Production, our priorities are:

To reach approximately 400 kboe/d production by 2030, with gas as a strategic growth pillar
To become a leading producer of gas for our European core markets
To focus on cost and efficiency, delivering production costs below USD 9/boe and a portfolio cash break-even below USD 30/boe

In Gas & Power, our priorities are:

To strengthen and diversify our gas portfolio in Western Europe
To leverage our gas-power integration in Eastern Europe

In Low Carbon Business, our priorities are:

To invest EUR 1.4 bn by 2030 to drive future growth in geothermal and renewable energy
To achieve around 1 TWh of net production geothermal output in 2030, >1.3 GW wind and solar net production capacity p.a. by 2030, and >2.4 TWh net electrical output p.a. by 2030

Energy in figures

Average Brent price USD 80.8/bbl
Average realized crude oil price USD 77.5/bbl
Average realized natural gas price EUR 25.1/MWh

Clean Operating Result EUR 3,810 mn
Total hydrocarbon production 340 kboe/d
Production cost USD 9.98/boe
Proved reserves (1P) as of December 31, 2024: 979 mn boe

Key projects and activities

Exploration & Production

Our E&P portfolio is actively managed to deliver resilient cash flows, and our gas projects support our ambition to become a leading producer of gas for our European core markets.

Neptun Deep, Romania
Operator: OMV Petrom 50%

Neptun Deep is a 7,500 km2 natural gas block located in the Black Sea, operated by OMV Petrom. The project is fully on track with first gas expected in 2027. With an estimated production capacity of around 8 billion cubic meters per year, it will double Romania's natural gas output and enable the country to become a net exporter to Europe.
Wittau, Austria
Operator: OMV 100%

Wittau is a significant natural gas discovery in Lower Austria, with estimates suggesting recoverable volumes of around 28 mn boe (48 TWh). It is a significant step forward to ensuring domestic energy supply. After full development of the discovery, the project has the potential to increase our natural gas production by 50%. Following a successful exploration in mid-2023, the project is progressing towards production start in 2026.

Berling, Norway
Operator: OMV 30%
The field is located on Haltenbanken in the Norwegian Sea. The Berling subsea operated gas field development project positions OMV as an operator in Norway. Execution of the Berling project is progressing without any Lost Time Injuries (LTI).
Haydn/Monn, Norway
Operator: OMV Norge 40%

Haydn/Monn is a major gas discovery in Norway's Vøring Basin, with estimated recoverable volumes between 30 and 140 million barrels of oil equivalent. It was one of the largest gas discoveries in Norway in 2024. Located about 65 kilometers from the infrastructure of the Polarled pipeline and Aasta Hansteen field, it offers tie-back potential, enabling faster planning and execution with lower development costs and a reduced carbon footprint.

Gas & Power

Storage:
We are a reliable operator of storage capacity in Austria and Germany. With these storage capacities, we provide the market with flexibility and make an important contribution to security of supply.
LNG:
Liquefied natural gas (LNG) is key to our efforts to diversify our natural gas supply portfolio and support energy security. We have regasification capabilities at the Gate LNG terminal in the port of Rotterdam and long-term LNG supply contracts.

Gas sales and supply:
We are a reliable supplier to our customers, with a strong and balanced gas sales portfolio and fully diversified sources of supply. In addition, we have a solid supply portfolio in Romania with a ramp-up of equity gas volumes from 2027 when Neptun Deep comes on stream.
Optimization and trading:
We are constantly optimizing our supply, transportation and storage and focusing on asset-backed trading.
Power:
We operate an 860 MW gas-fired power plant in Romania with a focus on gas-electricity integration. The Brazi Power Plant supports the supply security and stability of the national power system.

Low Carbon Business

Geothermal

In geothermal energy, we consider two systems:

1. Open-loop system: Hydro-geothermal systems extract hot formation water from underground aquifers and return it after the heat has been used.

The “deeep” joint venture:
We’re working with Wien Energie in a joint venture called “deeep” to develop deep geothermal plants in the greater Vienna area. Drilling for the first plant began in December 2024 in Aspern, northeast of Vienna. The first wells have been drilled and successfully tested, the data has been analyzed, and construction of the surface facility is underway. Our goal is to begin supplying sustainable district heat to 20,000 households in 2028 and ultimately to provide clean energy to 200,000 Viennese households by unlocking the 200 MW potential.

2. Closed-loop system: It is an innovative technology that circulates a fluid through a series of closed loops.

Strategic partnership with Eavor Technologies Inc.
We hold a stake in Eavor Technologies Inc. Canada-based Eavor are global leaders in closed-loop geothermal energy solutions. The technology will enable us to provide district heating solutions in areas outside of conventional hydrothermal resources.

Carbon Capture and Storage (CCS)

Poseidon license
OMV Norge 50%

Together with Aker BP, we hold the Poseidon license to store CO₂ in the Norwegian North Sea. The project has the potential for over 5 mn tons of CO₂ to be stored annually. We intend to use the site as storage for CO₂ captured from various industrial plants across North-West Europe, including from Borealis' European facilities. A 3D seismic survey was successfully carried out in late 2023. By 2025, we have to make a drill-or-drop decision.
Iroko license
OMV Norge 30%

In partnership with Vår Energi (operator) and Lime Petroleum AS, we were awarded a second CO₂ storage license. The license, called Iroko, is located in the Central Norwegian North Sea and can store around 215 mn metric tons of CO₂, with the injection capacity expected to exceed 7.5 mn metric tons of CO₂ per year.

Renewables

Renewable energy plays a vital role in the transition to a more sustainable energy system, helping meet consumption needs through low-carbon sources. Solar power harnesses sunlight through photovoltaic panels, while wind turbines convert wind into electricity using advanced technologies. These renewable sources not only reduce the carbon footprint but also contribute to diversifying the energy mix essential for modern society.

Innovation, digitalization and new technologies

We collaborate with external partners – including Wien Energie and academic institutions such as the Technical University of Leoben (MUL) – to scout new technologies and foster open innovation. By developing state-of-the-art online monitoring systems, emission control technologies, AI and machine learning subsurface workflows, and water treatment processes, we aim to ensure safe, sustainable, and stable operations worldwide.

The OMV TECH Center Lab (TCL) in Austria and OMV Petrom's Institute for Research and Technological Design in Campina (ICPT) are highly specialized energy technology centers and laboratories that support all of our global operations, ensuring safe and sustainable operations. We also serve external clients around the world, working on projects including:
- Ensuring safe geothermal and hydrogen operations.
- Advancing Carbon Capture and Storage (CCS) and Carbon Capture and Utilization (CCU) initiatives.
- Assisting with emissions monitoring.
- Maximizing the value of traditional energy projects.
- Maximizing the value of new technologies.
We’re running a state-of-the-art semi-automated drilling technology to improve safety and efficiency of our operations. This technology supports us to increase production on mature fields and minimizes the environmental impact. The semi-automated drilling rig is a product of OMV's digitalization program and underscores the synergy between OMV and OMV Petrom. It integrates innovative thinking with operational excellence.