OMV makes largest natural gas discovery in 40 years in Austria

(WO) – OMV announced the Wittau Tief-2a exploration well to be a confirmed new natural gas discovery. The OMV-operated well is located in lower Austria and was drilled at a final depth of 5,000 meters after five months of operations.

“The positive result of our exploration is exciting news for OMV and its customers. As we continue to work on our strategy to diversify our supply sources of natural gas, this new find marks a major contribution to the natural gas supply of our customers especially in Austria, with an expected increase of our local production,” said Alfred Stern, Chairman of the Executive Board and CEO of OMV AG.

A preliminary evaluation indicates potential recoverable resources of approximately 28 MMboe. After full development of the discovery, OMV expects its natural gas production in Austria to increase by 50%.

OMV is currently considering different options to further appraise the field, as well as a fast-track development in conjunction with the OMV-operated natural gas facility in Aderklaa, situated 10 km from the new discovery.

The discovery was announced on the same day that OMV signed a 10-year LNG deal with bp.