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OMV oil and gas exploration summary

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30 September 2019

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 departure from the previous strategy of building a material production hub in the North Sea and diversifying from high above-ground risk regions. 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. OMV plans to increase exploration and appraisal spend from US$330 million in 2018 to almost US$390 million in 2019 . It expects this to translate in to 15 to 20 exploration wells per year. In order to ensure sustainable reserve replacement with lower cost barrels, OMV aims to focus its portfolio across five core regions: 1. Central Eastern Europe, 2. North Sea, 3. Middle East and Africa, 4. Russia, 5. Asia – Pacific

Table of contents

    • SWOT Grid
  • Evolution of exploration strategy
  • Well data
  • Romanian Black Sea volumes balance declining onshore exploration
  • Large discovered volumes in the Middle East
  • Rising spend in shelf and deepwater controlled
  • Opportunities in Asia Pacific and Mexico

Tables and charts

This report includes 20 images and tables including:

  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross conventional exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2009 to 2018)
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from 2009 - 2018 discoveries and organic unconventionals, and as a proportion of all future production
  • Full Cycle Economics
  • Full cycle value creation by year
  • Exploration returns by year
  • Value creation by reserve category
  • Value creation by water depth

What's included

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    OMV oil and gas exploration summary

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