Decade-Defining Gas Find in Austria: OMV Foresees Boost in National Production

Despite economic challenges, OMV Group's landmark gas field discovery in Wittau, Austria, promises to enhance the country's annual gas production by half.


Austria’s OMV Group has disclosed a monumental gas field discovery in Wittau, Lower Austria. The find is the largest in four decades and is expected to boost the country’s gas production by half. The recoverable resources in the new field are estimated at 48 terawatt hours, which is about 28 million barrels of oil. OMV is set to construct a pipeline linking this field with its gas plant in Aderklaa, situated about ten kilometers away. This key find is a significant step forward in OMV’s strategy to diversify its gas supply sources and promises a considerable enhancement to Austria’s gas supply. Additionally, OMV has inked a ten-year deal with BP for annual delivery of up to 1 million tons of liquefied natural gas (LNG) starting in 2026. Despite the 35% drop in group sales to €19.9bn and a drastic 69% fall in net profit in the first half of the year, OMV’s leadership maintains a positive outlook. CEO Alfred Stern has pointed to slower growth in consumption and lower commodity and energy prices as key challenges. Looking ahead to 2023, OMV anticipates the Brent crude oil price to be between US$75 and US$80 per barrel and is planning investments of approximately 3.8 billion euros. 

Source: evz.ro

Jakub Warzecha

Creative copywriter, archaeologist. Interested in history, technology and military matters. Specializes in marketing communications and application architecture design.

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