OMV Exploration & Production GmbH
OMV’s Exploration & Production division has a balanced portfolio and operates in around 20 countries across four continents. The overall split between oil and gas is roughly 50 / 50 and around two-thirds of production is generated in Romania and Austria. E&P focuses on using advanced technology to enhance the recovery rates of mature fields as well as developing new growth areas in the North Sea, the Black Sea, the Middle East and Africa. The profitable growth strategy announced in 2011 saw investments in E&P reach around EUR 4.4 bn in 2013 and has also put OMV on track to secure an 85 % production share from stable OECD/EU countries by 2021.In 2013 OMV’s average daily production was 288 kboe/d, a decline from the strong year in 2012 of 303 kboe/d. This was mainly due to civil unrest in Libya, compounded by operational difficulties in New Zealand and Austria, although production increased in Romania and Yemen. OMV is on track to achieve the goal of increasing daily production to ~400,000 boe by 2016; this represents growth of up to 4 % per year including acquisitions. OMV has managed to double the project pipeline to over 1 bn boe since 2011. Furthermore, there were proved hydrocarbon reserves (1P) of ~1.13 bn boe at the end of 2013 and proved probable oil and gas reserves (2P) of ~1.92 bn boe. The 2013 single-year reserve replacement rate (RRR) was 113%, while the three-year average RRR rose to 93% in 2013 (2012: 79%).
Company ID Number: ATU14194708