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.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected