OMV to ramp up drilling in lower Austria

OMV AG reported it will drill as many as 24 wells this year along with 20 wells in 2015 and 2016, respectively, in the Weinviertel region of lower Austria. Fourteen of those projects involve exploration wells with additional production potential, the company said.

OMV’s investment in lower Austria is expected to increase to €400 million over the next 2 years. Of the €3.9 billion the company plans to invest worldwide until 2016, 80% will be spent for exploration and production.

Last year, the region produced 35,000 boe/d, which OMV said should remain stable this year as the investment is set to balance out the natural depletion of 10%/year.

“We took the decision on these investments in lower Austria last year. Resources are needed in order to counter the natural depletion and stabilize production in what are mostly mature fields. Without these investments, it wouldn’t be possible for us to maintain production levels,” said Gerhard Roiss, OMV chief executive officer.

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