E&P Business

Welcome to Exploration & Production (E&P), where we use our decades of experience and expertise to address the challenges of the energy transition.
This means focusing on low-carbon solutions while continuing to responsibly provide oil and gas. As the shift to renewable energy will take time, we continue to invest in our E&P business and gradually increase the share of natural gas in our portfolio.
Energy for today and tomorrow
By balancing today's energy reality with tomorrow's needs, we ensure a reliable, affordable energy supply for a growing world. We do this by producing and delivering energy from diverse sources, both locally and globally, in the most responsible way possible, while also using our technology and E&P expertise to support the shift to sustainable energy.
Natural gas is key to our global energy landscape, helping us bridge the gap until clean, sustainable energy sources become more available. With a lower carbon footprint than other fossil fuels, it also provides a more sustainable solution for the energy transition.
“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,” says Berislav Gašo, OMV Executive Vice President Energy.
Our goals
We’re using our expertise in geology, geosciences, drilling, subsurface and surface engineering, advanced production technologies, digitalization, and project management to advance towards our low-carbon goals.
By continuously developing our teams’ skills, enabling them to work seamlessly across both the E&P and Low Carbon businesses. This flexibility allows us to 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:
- To manage our portfolio as a robust cash generator to support our transformation
- To high-grade our portfolio and reposition ourselves as a Europe-centric player with our 3 core regions – North, CEE and South
- To target a production rate of approximately 350 kboe/d by 2030, with a 60% share of natural gas
- To continuously strive for efficiency and deliver production costs below USD 9/boe and build a portfolio with a cash break-even below USD 30/boe
- To reduce our greenhouse gas emissions, phase out gas flaring, venting and reduce fugitive methane emissions
We make a difference
In E&P, we set ourselves the highest standards of safety and environmental stewardship. We believe that responsible energy production is fundamental to a sustainable future, and are committed to making a positive impact on the environment and society.
In our E&P operations, we focus on safety, innovation, sustainable practices, and partnerships. Here are some key areas where we are making a difference:
- Commitment to safety: Safety is our top priority, and we adhere to strict standards to protect our employees, contractors, and local communities. Our comprehensive safety programs include regular training, rigorous procedures, and continuous monitoring to prevent accidents and incidents
- Innovation and advanced technologies: Innovation is at the heart of all our E&P activities. We continuously invest in research and development to enhance operational excellence and sustainability. Our initiatives include:
Using cutting-edge technologies such as digital systems and predictive analytics to optimize resource extraction and minimize environmental impact
Using real-time data and automation to optimize production and reduce downtime
Applying innovative Enhanced Oil Recovery (EOR) techniques to maximize production from existing fields and extend their lifetime
Developing advanced subsea and subsurface systems to safely and efficiently explore for and produce energy resources from deep underground - E&P experience and expertise for Carbon Capture and Storage (CCS) and geothermal energy: We provide CCS solutions for hard-to-abate industries. This essential technology helps meet challenging climate targets by capturing carbon dioxide and storing it deep underground. We're also working on geothermal energy projects that tap into the earth's heat. Both CCS and geothermal activities make use of our deep E&P experience and expertise
- Sustainable practices and carbon reduction: Our commitment to sustainability is reflected in our efforts:
To phase-out flaring, venting, and methane emissions
To implement best practices in waste reduction and recycling
To ensure responsible water use and protect water resources through advanced treatment and recycling processes
To reduce the carbon intensity of our oil and gas production through energy-efficient technologies and operational excellence
To integrate renewable energy sources such as solar power into our own operations, reducing our carbon footprint - Increasing gas share: We are exploring new ways to use natural gas, which results in lower greenhouse gas emissions than oil, to ensure a stable and diversified energy supply
- Collaborations: We’ve created an environment where creativity meets innovation. We work closely with innovative start-ups, long-term partners, research institutions, governments and universities to develop and implement policies and practices that support a sustainable energy future
Our regional focus
In 2023, our total average hydrocarbon production reached 364 kboe/d, with natural gas making up approximately 47%. A key element of our strategy is to actively manage and optimize our upstream asset portfolio across our core regions: North, CEE, and South.
We refocus our production portfolio in and around Europe:
North: Norway
- To high-grade portfolio in the Norwegian Continental Shelf
- To focus on gas
- To leverage tax synergies
CEE: Austria, Romania
- To leverage strong capabilities as operator of mature fields
- To deliver 140 kboe/d gross Neptun Deep gas development on time and on budget
- To improve operational efficiency
- To explore growth opportunities in the Black Sea
South: UAE, Tunisia, Libya, Kurdistan region of Iraq
- To build a stronger position in North Africa and/or the Mediterranean alongside the UAE position
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
OMV Petrom 50%
Neptun Deep is a 7,500 km² natural gas block located in the Black Sea, operated by OMV Petrom. Drilling is scheduled to begin in 2025, with production of natural gas expected by 2027. The project will make Romania the largest natural gas producer in the European Union and will double OMV Petrom’s natural gas output.
- Wittau, Austria
OMV 100%
The Wittau Tief-2a well is a significant natural gas discovery in Lower Austria, with estimates suggesting recoverable resources of around 48 TWh. Following a successful exploration in mid-2023, we’ve moved rapidly through development and concept selection stages and planning to make a final investment decision during 2025. The project is expected to double our natural gas production in Austria.
- Berling (formerly Hades/Iris), Norway
OMV 30%
The Berling gas and condensate field is located on Haltenbanken in the Norwegian Sea. The project has now achieved a final investment decision, and the Plan for Development and Operation has been approved by the Norwegian Petroleum Directorate. Production is expected to begin in 2028.
Q&As
How do you ensure environmental responsibility in your E&P operations?
Environmental responsibility is at the core of our E&P activities. We follow strict environmental regulations and industry best practices, invest in advanced technologies to minimize our impact, and continually seek ways to improve our environmental performance. We also minimize waste and promote recycling and reuse in our operations.
What are you doing to engage with local communities?
We know that our success is closely linked to the well-being of the communities in which we operate. We focus on meaningful engagement with local communities through transparent communication and collaborative partnerships.
How does E&P contribute to the global energy transition?
We contribute to the global energy transition by:
- Using our E&P expertise to develop low-carbon technologies, such as CCS and geothermal energy
- Integrating renewable energy into our own operations
- Implementing measures to reduce CO2 emissions in our facilities
- Increasing the share of natural gas in our portfolio, as a key bridging fuel for the energy transition
What role does technology play in your E&P operations?
Technology is crucial to our E&P operations. From digital twins and automation to data analytics and AI, we leverage the latest technological advancements to improve efficiency, safety, and environmental stewardship.