Sunday, July 14, 2024
HomeOil & GasOMV announces largest natural gas discovery in Austria in 40 years
Powered by

OMV announces largest natural gas discovery in Austria in 40 years

Austrian energy group, OMV announced the largest natural gas discovery in Austria in 40 years. The discovery is expected to contribute significantly to supply security, said the company.

The OMV-operated Wittau Tief-2a exploration well is located in Lower Austria and was drilled at a final depth of 5,000 metres 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 in 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 48 TWh (28 million barrels of oil equivalent). After the full development of the discovery, OMV expects its natural gas production in Austria to increase by 50 per cent.

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 kilometres from the new discovery.

After recent news regarding OMV’s additional gas transport capacities until 2028, the Austrian company inked an agreement with British multinational oil and gas company, bp covering the supply of up to 1 million tonnes of liquefied natural gas (LNG) per year for ten years from 2026.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular