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. Operational excellence, effective stewardship of our joint-venture interests and disciplined portfolio management underpin our ability to deliver resilient free cash flow.

Our goals

We apply our expertise in geology, subsurface and surface engineering, and digital technologies within E&P and, where relevant, support projects led by our Low Carbon Business.

By developing our teams' skills and enabling collaboration between E&P and Low Carbon Business, we can plan and execute projects in-house and support the delivery of the measures set out in OMV’s Climate Transition Plan as we work towards our ambition to become a net-zero business by 2050 at the latest.

Our E&P strategy

Our priorities are:

To uphold the highest standards of safety and operational integrity across all our activities
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

Our capabilities in action

We combine operational excellence with a strong focus on safety and environmental management.

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
Applying our subsurface expertise to geothermal projects
Using advanced treatment and recycling processes to manage water resources
Integrating renewable energy sources into our operations

Our regional focus

In 2025, our average hydrocarbon production was 305 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 and Eastern Europe, 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 and Eastern Europe: 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, to support gas supply to European markets.

Our projects

E&P is at the core of OMV’s Energy business. Explore our E&P projects and activities.

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 represents a significant step forward toward strengthening Austria’s domestic energy supply. Once fully developed, the project in Wittau is expected to double OMV’s gas production in Austria. Following a successful exploration in mid-2023, the project started production in 2026.

Berling, Norway
Operator: OMV Norge 30%

Berling is our first operated field on the Norwegian Continental Shelf. The project is progressing as planned, with a focus on topside modifications required for the tie-in at Åsgard B. Construction work is being carried out in phases to ensure readiness for first gas and condensate production in early 2029.
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 among Norway’s largest gas discoveries in 2024. An comprehensive logging and coring program was completed, as well as an initial evaluation of the discovery for potential development and tie-in to nearby infrastructure.