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OMV oil and gas exploration summary

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31 October 2018

OMV oil and gas exploration summary

Report summary

In late 2015, OMV announced a new strategic direction. It will grow production by gaining access to low-cost discovered resource opportunities. This was a marked departure from the previous strategy of building a material production hub in the North Sea and diversifying away from high above-ground risk regions. Since 2015, as part of its cost-management efforts, the company cut E&A spend by more than half to US$260 million in 2017. E&A spend in 2018 is expected to stay at similar level although on the rise compared to 2017. OMV’s near-term exploration strategy aims to reduced exposure to high geological risk frontier acreage, increase acreage in low-cost areas and focus on near-field opportunities with existing infrastructure. The company will optimise its portfolio through high-grading their prospect inventory and relinquishments of frontier or high-cost mature acreage.

Table of contents

  • Executive summary
    • Upstream strategy
      • SWOT Grid
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
    • Production from 2008 - 2017 discoveries and organic unconventionals, and as a proportion of all future production
    • Large discovered volumes in the Middle East
    • Rising spend in shelf and deepwater
    • Opportunities in Asia Pacific and potentially Mexico

Tables and charts

This report includes 23 images and tables including:

  • Executive summary: Image 1
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Top 40 discoveries (2008 to 2017)
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Full Cycle Economics
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Gross conventional exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Production: Image 1
  • Full cycle value creation by year
  • Exploration returns by year
  • Value creation by reserve category
  • Value creation by water depth
  • Strategy: Table 1

What's included

This report contains:

  • Document

    OMV oil and gas exploration summary

    PDF 1000.62 KB