OMV’s geographical focus of the growth strategy lies in the four existing core regions: CEE (Austria and Romania), North Sea, Russia, and Middle East & Africa, as company’s Executive Board presented 2025 growth Strategy, a press release informs.
”Production should grow to 600,000 barrels per day by 2025. This growth will be secured through acquisitions in cost-effective regions rich in reserves, whereby average production costs should not exceed 8 US dollars. Substantial, long-term contributions are expected to come from the Russian fields Yuzhno Russkoye, Achimov IV and V, as well as the Neptun gas field offshore Romania,” the document reads.
In addition to replacing the quantities produced, OMV’s goal here is an average three-year replacement rate of over 100 percent. The company will aim to double its secure reserves by 2025 to over 2 billion barrels of oil equivalent, whereby natural gas should account for more than half of this total.
Moreover, by 2025 a cumulative EUR 1 billion will be invested in the Schwechat, Burghausen and Petrobrazi refineries, facilitating the production of more and higher quality petrochemical products and aviation fuels.
”In order to safeguard revenue and profitability in Europe, by 2025 more than half of the refineries’ production should be sold via reliable captive sales channels,” OMV Executive Board shows.
Other plans include feeding additional equity gas from Norway and Romania into the European grid.
The construction of Nord Stream 2 is of critical strategic importance for OMV as it will secure consistent, long-term gas supplies to Europe in combination with the Central European Gas Hub in Baumgarten and the pipeline network of Gas Connect Austria.
However, OMV representatives say nothing about the BRHA gas pipeline, a project that is supported through European financing and which would link Bulgaria-Romania-Hungary and Austria.