E&P Business

Our Exploration & Production (E&P) business engages in exploration and appraisal, development, and production of crude oil, natural gas, and natural gas liquids. We invest in both traditional and sustainable businesses, with the overarching goal of delivering resilient free cash flow and continuously reducing emissions.

In Energy we aim to grow gas, become a leading producer of gas for our European core markets, and selectively advance renewables. This means focusing on low-carbon solutions while continuing to responsibly provide oil and gas to support Europe's energy security.

Energy for today and tomorrow

We balance today's energy reality with tomorrow's needs by producing and delivering energy responsibly from diverse sources. As part of this, we are increasing the share of natural gas – a fuel with a lower carbon footprint than other fossil sources – in our portfolio to ensure secure supply while supporting the transition to sustainable energy.

The future of energy depends not only on what we produce, but also on how we produce it. In our E&P business, we focus on finding and producing hydrocarbons in a way that respects both people and the environment, integrating our sustainability expertise into every decision.

Berislav Gašo

OMV Executive Vice President Energy

Our goals

We're using our expertise in geology, subsurface and surface engineering, and digitalized production technologies to advance toward our low-carbon goals.

By developing our teams' skills and enabling them to work across both the E&P and Low Carbon Business areas, we can plan and execute projects in-house – positioning us to drive the energy transition and achieve net-zero emissions by 2050 at the latest.

Our E&P strategy

Our priorities are:

Become a leading producer of gas for our European core markets
To target a production rate of approximately 400 kboe/d by 2030, with gas as a strategic growth pillar
To continuously strive for efficiency and deliver production costs below USD 9/boe by 2030 and build a portfolio with a cash break-even below USD 30/boe by 2030
To strengthen our position across our three core regions – North, Central & Eastern Europe (CEE), and South
To lower greenhouse gas emissions, phase out gas flaring and venting, and reduce fugitive methane emissions

We make a difference

We combine operational excellence with the highest standards of safety and environmental stewardship. Our focus is on producing energy responsibly, using advanced technology to improve efficiency and reduce our environmental footprint.

Here are some of the ways we are making a difference:

Increasing the share of natural gas in our portfolio
Using digital tools and automation to improve efficiency and lower emissions
Applying our subsurface expertise to geothermal projects
Protecting water resources through advanced treatment and recycling processes
Integrating renewable energy sources into our operations

Our regional focus

In 2024, our average hydrocarbon production was 340 kboe/d, with nearly equal shares of liquids and natural gas. A key element of our strategy is to actively manage and optimize our upstream asset portfolio across our core regions: North, Central & Eastern Europe (CEE), and South.

Our production portfolio is focused in and around Europe:

North: Norway

Norway is a key source of natural gas for Europe. We're developing new gas projects on the Norwegian Continental Shelf and improving efficiency across our operations.

Central & Eastern Europe (CEE): Austria, Romania

We’re building on our long history as an operator of mature fields while driving major new developments such as Neptun Deep – Romania's landmark Black Sea gas project, which will significantly strengthen regional energy security.

South: UAE, Tunisia, Libya, and the Kurdistan region of Iraq

We're expanding our presence in the Mediterranean and North Africa, alongside our established position in the United Arab Emirates.

Our projects

E&P is at the core of our business, supporting our commitment to a sustainable future. Explore our projects to find out how we are shaping the future of energy.

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 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 a 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.