In recent years OMV s strategy has been to build a material production hub in the North Sea and diversify away from high above ground risk regions. In late 2015 OMV announced a new strategic direction. It will maintain production by gaining access to low cost discovered resource opportunities. OMV will also cut exploration spend by more than 50% over the next two years. Exploration spend in 2016 will be US$479 million reducing to US$232 million in 2017.