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Austrian OMV CEO Rainer Seele presents 2025 growth strategy

The Executive Board of OMV presented its 2025 OMV Strategy to representatives of the media and the capital markets.

Austrian OMV CEO Rainer Seele presents 2025 growth strategy

London, 13 March - Neftegaz.RU. The Executive Board of OMV Aktiengesellschaft presented in London its 2025 Strategy. The international oil & gas company intends to substantially increase its market position and operating earnings in the coming years.


For the period 2018 to 2025, OMV plans to make annual investments averaging 2.0 to 2.5 billion Euros in addition to an acquisition budget of 10 billion Euros to 2025. Furthermore, the company will continue to enhance its operating efficiency. The goal of the new efficiency program is to reduce costs by 2020 by a further 100 million Euros against 2017.


In its upstream operations, OMV plans to increase production to 600,000 barrels a day by 2025, helped by targeted acquisitions, it said. Substantial, long-term contributions are expected to come from the Russian fields Yuzhno-Russkoye, Achimov IV and V, as well as the Neptun gas field offshore Romania.

OMV CEO Rainer Seele: «Our work over the past 3 years has resulted in an OMV that is in robust health. And this is the basis on which we will build. Our integrated strategy will allow us to achieve international, profitable and responsible growth with the goal of substantially increasing the company's value.»


Austrian OMV sees the Nord Stream pipeline, which carries Russian gas to Europe, as a critical strategic project. The company said today in London that the network is «of critical strategic importance ... as it will secure consistent, long-term gas supplies to Europe.»


Source : Neftegaz.RU