OMV said in a media statement that the Wittau Tief-2a exploration well in lower Austria has hit natural gas.
After five months of operation, the well was drilled to a final depth of 16,400 feet, the company outlined. OMV said it is the largest natural gas discovery in Austria in 40 years and highlighted an expected “significant contribution” to the security of supply for its customers.
“The positive result of our exploration is an exciting news for OMV and its customers,” said Alfred Stern, Chairman of the Executive Board and CEO of OMV AG.
“As we continue to work on our strategy to diversify our supply sources of natural gas, this new find marks a major contribution to the natural gas supply of our customers especially in Austria, with an expected increase of our local production,” he added.
A preliminary evaluation indicates potential recoverable resources of approximately 48 TWh (28 million barrels of oil equivalent), OMV outlined. After full development of the discovery, OMV expects its natural gas production in Austria to increase by 50 percent, the company said in its statement.
OMV is currently considering different options to further appraise the field, as well as a fast-track development in conjunction with the OMV-operated natural gas facility in Aderklaa, situated 10 km from the new discovery, the company said.
The find comes just as the company reported its net income for the second quarter and the first half of 2023 dwindle. The company reported a net income of EUR 326 million for the second quarter, below the first quarter figure of EUR 592 million. Compared to the corresponding quarter in 2022, the drop is even more significant with an 87 percent drop reported.
For the first six months of the year, net income stopped at EUR 918 million, which was 73 percent below the EUR 3.368 billion reported in the first six months a year ago.
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