Austria’s integrated energy firm OMV has announced the country’s largest natural gas discovery in 40 years.
OMV said its Wittau Tief-2a exploration well located in lower Austria has yielded positive results. A preliminary evaluation at the site indicates potentially recoverable resources of nearly 48 TWh, or 28 million barrels of oil equivalent.
Alfred Stern, CEO and Chairman of OMV, highlighted that the new find will likely make a significant contribution to the security of supply for its customers in Austria and wider Europe.
“The positive result of our exploration is exciting news for OMV and its customers. As we continue to work on our strategy to diversify our supply sources of natural gas, this new find marks a major contribution to our natural gas supply chain, with an expected increase of our local production.”
Once the Wittau well enters full production, the company expects its natural gas production in Austria to increase by 50%.
OMV confirmed its largest domestic gas discovery this century on the same day it signed a long-term liquefied natural gas (LNG) supply deal with oil and gas giant BP.
Based on a joint statement, both companies signed a sale and purchase agreement, covering the supply of up to 1 million tons of LNG on an annual basis for 10 years from 2026.
