In the Low Carbon Business (LCB), OMV´s priority is to invest EUR 5 bn until 2030 to drive future growth in the areas of geothermal, Carbon Capture and Storage (CCS), and renewables. The target is to produce around 4 TWh of geothermal energy, 3–4 TWh of renewable power, and to store approximately 3 mn t of CCS p.a. by 2030.
Therefore, the LCB team is looking at options to explore and commercially develop geothermal energy opportunities, as well as CCS solutions. In addition, the unit is working on securing green power supply for OMV’s asset base. Initiatives in these areas have gained a considerable momentum in recent years. A variety of initiatives have been introduced, and several projects have been launched and/or executed. Currently, many of these projects are in the assessment or initial investment stage, with plans to increase the level of investment after 2027.
Geothermal
OMV’s geothermal energy strategy is to establish a strong position in the geothermal energy sector with a target of approximately 4 TWh by 2030, which will be achieved by leveraging decades of expertise and experience in subsurface and drilling. The Group aims to apply existing and new technologies to unlock the potential of geothermal energy, and seeks to decarbonize district heating networks, large infrastructure operators, and industrial plants.
OMV is working together with Wien Energie in a joint venture called “deeep” to develop deep geothermal plants in the greater Vienna area. The project is an important milestone on the path to a climate-neutral heat supply for Vienna. The first plant is located in Aspern, northeast of Vienna. The plant will have a capacity of 20 MW in combination with heat pumps. This capacity will be enough to supply around 20,000 households. Drilling at a depth of more than 3,000 meters began in December 2024. The wells will use the hot formation water for heat generation. The first geothermal plant of the deep joint venture will serve as the basis for the further expansion of geothermal energy in Vienna. Overall, OMV and Wien Energie want to develop up to seven geothermal plants with a capacity of up to 200 MW as part of a field development. This will enable the production of climate-neutral district heating for the equivalent of up to 200,000 Viennese households.
OMV is constantly evaluating and maturing further opportunities and projects with regards to open- and closed-loop geothermal energy. As an example, OMV holds a stake in Eavor Technologies Inc., a leading developer of closed-loop geothermal solutions. Their technology uses closed-loop systems installed deep underground. A fluid circulates between the surface and a series of closed loops in the rock, absorbing the stored heat. This method makes it possible to use geothermal energy for heating systems in areas where traditional hydrothermal resources are not available, as this technology is independent of water resources at depth.
Carbon Capture and Storage
With Carbon Capture and Storage (CCS), OMV intends to offset absolute emissions both from own operations and third parties. By 2030, OMV aims to store around 3mn t of CO2 per year. The Company’s focus is on the North Sea, where it holds two storage licenses with partners.
Together with Aker BP, OMV holds the Poseidon license to store CO2 in the Norwegian North Sea (OMV Norge 50%). The project has the potential for over 5 mn t of CO2 to be stored annually. OMV intends to use the site as storage for CO2 captured from various industrial plants across Northwest Europe, including from Borealis’ European facilities. A 3D seismic survey was successfully carried out in late 2023. In 2025, a drill-or-drop decision will be made. In partnership with Vår Energi (operator) and Lime Petroleum AS, OMV was awarded a second CO2 storage license in 2024 (OMV Norge 30%). The field, called Iroko, is in the Central Norwegian North Sea and can store around 215 mn t of CO2, with the injection capacity expected to exceed 7.5 mn t of CO2 per year.
In addition to these licenses, activities are continuing for further license applications and opportunities to build a project portfolio, establishing OMV as a key player in CCS on the Norwegian Continental Shelf (NCS). The Group is also evaluating onshore and offshore opportunities in Central and Eastern Europe.
Renewable Power
OMV aims to establish a strong position in the renewables sector with a renewable power target of 3–4 TWh by 2030. Investments in renewable power will primarily be made in Southeast Europe.
Southeast Europe
Several renewable power generation projects are being pursued in Romania in the Gas & Power Eastern Europe business. In 2024, OMV Petrom completed the acquisition of 50% of the shares in Electrocentrale Borzești from RNV Infrastructure. The renewable energy projects have a capacity of approximately 1,000 MW, comprising 950 MW of wind power and 50 MW of photovoltaic capacity. The wind projects will be developed, built, and operated in partnership with RNV Infrastructure. The photovoltaic project is already built and undergoing production tests. Furthermore, OMV Petrom closed the transaction with Jantzen Renewables for the acquisition of several photovoltaic projects in Romania in 2024, totaling around 710 MW of photovoltaic capacity at the “ready-to-build” stage. In addition, OMV Petrom awarded the EPCC contract for the photovoltaic power plant in Ișalnița, beginning the execution phase. This is the first large-scale photovoltaic project to be fully developed by OMV Petrom, with a capacity of approximately 89 MW.
Western Europe
A portfolio of Power Purchase Agreements (PPAs) is being established in Western Europe, with selective investments in renewable power projects to supply power for our operations. In 2024, OMV concluded PPAs, with VERBUND and ImWind and secured an annual purchase of 67 GWh of sustainable electricity. This volume corresponds to the annual power consumption of around 16,000 households. With this supply of green energy, OMV will be able to cover over 35% of the external electricity requirements of the Schwechat refinery and the Adria Wien Pipeline (AWP). This enables OMV to reduce its carbon footprint and accelerate the use of renewable energy sources.