OMV Reaches 2002 Production Goals
As of the end of 2002 OMV had achieved its targeted daily production rate of 100,000 barrel oil equivalent (boe), a success mainly attributable to OMV's operations in New Zealand. Helmut Langanger, OMV Executive Board member with responsibility for Exploration and Production (E&P), commented: "This is an important step towards increasing our production rate to 160,000 barrels by 2008."
OMV first started developing its international oil and gas production in the mid-Eighties. According to Langanger, "By reaching this milestone, which we set ourselves in 1999, we have once again underlined our high performance potential."
Achievement of the target is largely attributable to the successful implementation of OMV's strategy of defining core regions and focusing efforts on them. OMV produces more than three-quarters of the total volume in the OECD countries Australia/New Zealand, Austria and the UK, with remaining production coming from Libya and Pakistan. Production volume breakdown is approximately 60% oil and 40% natural gas.
The major part of the increase in production was achieved in the Australia and New Zealand region, with a rise of 10,000 boe/d. Langanger stated that in future the group will focus increasingly on international growth and production rates, the target being the doubling of production rates from around 60,000 to some 120,000 boe/d. The E&P business was initially developed in the Lower Austrian Matzen field. Here production rates will be held constant at around 40,000 boe/d with state-of-the-art technologies.
In 2001 OMV produced some 20 million barrels of crude and natural gas liquids (NGL) as well as 52 bcf (about 1.5 bcm) of natural gas. By 2008 the Group expects to double its 2001 daily production rates to 160,000 boe. OMV started developing its international E&P business in 1985 with participating interests in Libya. By 2002 the Group had built up an extensive international E&P portfolio with interests in 13 countries. Core regions of the E&P business are Austria, Libya and the UK. With the increase in production planned for Pakistan and Australia/New Zealand in 2003, in this year these countries will also join the core regions with each having a production rate of at least 15,000 boe/d.