Outlook
OMV Aktiengesellschaft, has set new targets for the company growth until 2010. After achieving its 2008 goals ahead of schedule, the company now aims for a production volume of 500,000 boe per day by 2010 and for further expansion of its Refining and Marketing business in the EU accession area. In addition, OMV will run an international gas business marketing 20 bcm of gas by 2010.
Central Europe
OMV is the largest oil and gas group in Central Europe, with oil and gas reserves of approx. 1.4 bn boe. The Group will build upon continued growth and boost its profitability potential. This means further expansion from mature into growing markets in order to increase its lead to other regional competitors.
Exploration and Production
By 2010, OMV's Exploration and Production business will produce 500,000 boe/d in six core regions. A focus will be added on Russia in addition to the Danube and Adriatic, Northern Africa, the North Sea, the Middle East/Caspian and Australia/New Zealand as a new core region for OMV's E&P activities. OMV will target significant production growth in international business outside Austria and Romania, aiming at a reserve replacement ratio of 160%.
Gas - international gas business up and running by 2010
OMV is set to meet the challenges of a growing gas market and intends to make full use of the rising gas demand in Central and Eastern Europe. OMV will therefore build upon an international gas business and expand its gas marketing volumes to 20 bcm per year. OMV will also realize opportunities to further diversify its gas supply. OMV will focus on the realization of the Nabucco project to deliver gas to its Baumgarten hub and further to Western Europe. Moreover, OMV will develop LNG projects in order to market gas in the Adriatic sales regions. OMV intends to undertake a feasibility study for an LNG Terminal in the Adriatic region with one or more international experienced partners.
Petrom sets new targets for 2010
Petrom, South Eastern Europe's leading producer of oil and gas, also sets new targets for the company's growth to 2010. Petrom aims for a stable oil and gas production volume of 210,000 boe per day in Romania until 2010. In addition, the Caspian region should be developed into a core region, the reserve replacement ratio should rise to 70% by 2010.
The company plans to raise its refinery utilization to 95% (2004: 75%) by 2010 and will comply with EU product quality by the end of 2007. In addition, more than 250 new standard PetromV filling stations will be built by 2010. Moreover, the company will achieve more than 30% market coverage (2004: 26%). In the Gas business, Petrom will increase its gas marketing volume to over 7 bcm in Romania with a market share of more than 35%.
Middle East, North Africa and the Caspian Region
In November 2007, OMV signed a Memorandum of Understanding with International Petroleum Investment Company (IPIC), OMV's second largest shareholder, to pursue upstream projects in the Middle East, North Africa and the Caspian Region - all of which are amongst OMV's E&P core regions where the company has already established a significant presence. Both companies agreed to share their expertise and knowledge relevant to assessing future projects. IPIC and OMV believe that this is a natural step in the development of their deepening partnership and cooperation. Both companies are in a position to complement each other, IPIC with its regional relationships and OMV with its technical and geological know how.
In May 2007, OMV opened an office in Abu Dhabi to improve the screening of business opportunities and the coordination of existing activities in the region. IPIC has been OMV's shareholder since 1994 and today holds 17.6% of OMV.