Energy
With its Energy segment, OMV Exploration & Production explores, develops, and produces oil and gas in the four core regions of Central and Eastern Europe, Africa, the North Sea and Asia-Pacific, and markets natural gas in eight European countries. Its activities also include low carbon business as well as the entire gas business.
OMV breaks new ground
In 2022, OMV embarked on the path of its new Strategy 2030 toward a circular business model and was also entrusted with tasks related to securing Austria’s supply in light of market developments. Despite the impact of the Russia-Ukraine conflict on production and supply, OMV made great progress in identifying options for portfolio optimization and developing its Low Carbon Business.
OMV Energy 2022 in figures
Core Regions:
Strategic performance
Against the backdrop of the OMV Group's transformation, the Energy division will be managed as a solid cash generator and will focus on further upgrading its competitive asset portfolio. In addition, low-carbon projects will be implemented to reduce the overall absolute and relative GHG emissions of the product portfolio. Strategic priorities for the Energy segment include increasing the share of natural gas versus crude oil and reducing carbon intensity across the portfolio.
- Ongoing reduction of fugitive methane emissions and cessation of routine flaring and venting of associated gas
- Ongoing expansion of LNG business to diversify natural gas sourcing portfolio and increase supply security
- Expansion of low carbon business and introduction of innovative DELFI environment in OMV-operated assets and ongoing automation of drilling activities
- Use of favorable solar and wind conditions to promote renewable energy projects, e.g. solar power, for OMV's own supply, e.g. the solar power facility in Schönkirchen-Reyersdorf, developed with VERBUND
- Use of geothermal energy to promote geothermal energy capacity that generates up to 9 TWh p.a. by 2030. In 2023, OMV and Wien Energie began development of the geothermal potential in the Vienna Basin and exploring the possibilities of deep geothermal plants.
Core Region: Central Eastern Europe
In Central and Eastern Europe, OMV is active in Austria, Romania and Bulgaria.
OMV's energy strategy is driven by the development and application of state-of-the-art proprietary technologies. This is supported by access to well-maintained facilities for pilot testing and future global field deployment. Current technology focus areas improve oil recovery, extend the life of oilfield equipment, and enable more efficient exploration - even in challenging environments.
Core Region: Middle East and Africa
In Middle East and Africa (MEA), OMV is active in the United Arab Emirates (UAE), Tunisia, Libya, the Kurdistan Region of Iraq and Yemen.
Core Region: North Sea
OMV is active in exploration, appraisal, development and production projects in Norway. The company is focusing on the production assets, exploration activities and maturing the Berling discoveries.
Core Region: Asia Pacific
The acquisition of the Shell assets in New Zealand was an important step in establishing Asia-Pacific as the fifth OMV core region. In addition, OMV Energy is active in Southeast Asia for the first time with the acquisition of a 50 percent stake in the Malaysian joint venture company SapuraOMV Energy.
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