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2030 strategic priorities

  • Portfolio managed as a robust cash generator to support the Group’s transformation
  • Low-carbon business solutions will be developed, with around 10  in renewable energy (e.g., geothermal) and around 5 mn p.a. CCS, to significantly reduce absolute and relative emissions
  • Production is expected to be ~350 /d by 2030, excluding any potential divestments
  • Upon evaluation of its portfolio, OMV started the process of divesting its assets in the Asia-Pacific region (Malaysia and New Zealand).

In the context of the ongoing energy transition and to support OMV Group’s transformation, Energy will be managed as a robust cash generator and will focus on further upgrading its competitive asset portfolio, concentrating on the three core regions: Central and Eastern Europe, the North Sea, and the Middle East and Africa. The shift of the hydrocarbon portfolio to gas will continue, with further divestments of non-core positions to improve efficiency, while the low-carbon business will be ramped up to achieve a material contribution by the end of the decade. OMV is in the process of divesting its E&P assets in the Asia-Pacific region: a 50% stake in SapuraOMV Upstream Sdn. Bhd. and 100% of the shares in OMV New Zealand Limited. On January 31, 2024, OMV has signed an agreement to divest its 50% shareholding in Malaysia’s SapuraOMV Upstream Sdn. Bhd. to TotalEnergies. The divestment is anticipated to close around the end of the first half of 2024.

Boosting value delivery and cash generation are the main goals and criteria for managing and developing the portfolio of oil and gas assets, with a strong emphasis on gas. The delivery over the mid term of key projects in the portfolio, such as the Neptun development in Romania, and the Umm Lulu SARB Phase 2 plateau extension in the , will support strong cash generation by and beyond 2025. OMV expects production levels of ~370 kboe/d by 2025 and ~350 kboe/d by 2030, with a share of around 60% of natural gas, excluding any potential divestments. In order to sustain the above-mentioned production levels, ramp up the low-carbon business, and deliver strong cash generation, OMV Energy anticipates a total annual average in 2022–2030 of around EUR 1.6 bn, EUR 0.6 bn of which is earmarked for low-carbon activities. OMV’s exploration and appraisal activities are being streamlined further, and the total annual average budget is expected to be around EUR 0.2 bn over the decade. Toward the end of the decade, oil and gas CAPEX and expenditure will be reduced, thereby allowing for more capital to be allocated to ramping up the low-carbon business and the broader OMV transformation.

OMV Energy plans to reinforce the competitiveness of its portfolio and resilience through a strong focus on operational excellence, fostered by digitalization and agile ways of working, as well as portfolio optimization.

To supply its gas customers, OMV will continue to complement its own natural gas production in Norway, Austria, and Romania with third-party supply sources. The equity gas contribution to the gas sales business will decrease significantly toward the end of the decade in the Northwestern European region due to natural field decline. As needed, this will largely be replaced with green gases, such as biogas and hydrogen, primarily obtained from the markets, to reduce the carbon intensity of its product portfolio. New equity gas volumes from the Romanian Neptun project will keep volumes high in Southeastern Europe. OMV will also aim to direct an increasing share of its natural gas sales to customers from non-energy sectors, to further reduce its Scope 3 portfolio emissions.

The Group will explore a range of opportunities and portfolio choices that enhance cash flow generated by the current Energy business and support a potential accelerated transition to sustainable fuels, chemicals, and materials. These opportunities may include capturing the full value potential of the asset base, e.g., low-carbon business potential, maintaining reservoir production excellence, and optimizing costs as well as assessing and developing joint venture opportunities for selected assets without excluding inorganic options.

To reduce its operational carbon footprint, OMV Energy will pursue the phase-out of routine gas flaring and venting, reduce fugitive methane emissions, and introduce portfolio optimization measures. In addition, renewable energy projects will also be pursued for the purpose of powering OMV’s own operations. To achieve an overall reduction of both absolute and relative GHG emissions from its product portfolio, OMV Energy will leverage its existing asset base and core skills to deliver financially strong low-carbon business projects. Available opportunities will be captured to build up geothermal energy capacity that generates up to 9 TWh p.a. by 2030. In addition to geothermal, around 1 TWh from renewable power will be developed in OMV core regions with favorable sun and wind conditions to serve primarily captive demand, thereby reducing Scope 2 emissions by OMV’s own operations. The Energy business will further tap into its existing reservoirs and (sub-)surface capabilities to implement opportunities that lead to a CCS capacity of approximately 5 mn t p.a. of CO2 net to OMV by 2030. In addition, further opportunities where OMV Energy can leverage its strengths and capabilities are being explored, e.g., hydrogen and energy storage, and will potentially be pursued in consideration of OMV’s strategic priorities.

Terawatt hour
Metric ton
Greenhouse gas
Thousand barrels of oil equivalent
Exploration & Production, part of Energy business segment
United Arab Emirates
Capital Expenditure
Exploration & Appraisal