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Low Carbon Business

By 2030, OMV aims to invest around EUR 5 bn in low-carbon geothermal energy, Carbon Capture and Storage (), and further renewable power solutions like photovoltaic or onshore and offshore wind power generation. OMV will also explore opportunities in energy storage solutions, e.g., subsurface storage of hydrogen.

With these investments, OMV expects to generate an operating cash flow of EUR 0.5 bn per annum by 2030. All of the above-mentioned targets play a key role in OMV’s Strategy 2030.

E&P started 2021 with the establishment of a dedicated Low Carbon Business unit, which has since gained significant momentum, both on a national and an international level, with a variety of initiatives started and several projects initiated and/or executed.

OMV conducted a production and injection test in fall 2022 to analyze the geothermal potential in the Vienna Basin (Lower Austria). The test took place in the basement of the Vienna Basin. The aim of the geothermal test was to determine important reservoir parameters and to obtain samples of the formation water in order to decide whether this formation is suitable for producing geothermal energy for direct heat use.

In Germany, OMV has a 50% interest in a geothermal exploration project called Thermo in Lower Saxony. This involves a small aircraft taking gravity and magnetic measurements over an area of around 5,000 km2 to gather geological information. This information will be used to assess the geothermal energy potential and will be part of a comprehensive evaluation of future geothermal activities in the area.

In partnership with Complexul Energetic Oltenia (CE Oltenia), OMV Petrom will build four photovoltaic (PV) parks with a total power capacity of ~450 . According to current estimates, the PV parks should supply electricity to the national energy system starting 2024. Further opportunities for photovoltaic projects in Lower Austria, as well as in other Austrian and international locations, are currently under evaluation.

A strong focus of the OMV Low Carbon Business is on Carbon Capture and Storage (CCS), particularly to support the hard-to-abate industry sectors in their goal of reducing their CO2 emissions. One of OMV’s focus areas is offshore Norway, where currently, several CCS opportunities and projects are being assessed together with dedicated, experienced partners.

CCS/CCS effects/inventory holding gains/(losses)
Current Cost of Supply
Inventory holding gains and losses represent the difference between the cost of sales calculated using the current cost of supply and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances in case the net realizable value of the inventory is lower than its cost. In volatile energy markets, measurement of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results (Operating Result, net income, etc.). The amount disclosed as CCS effect represents the difference between the charge to the income statement for inventory on a weighted average basis (adjusted for the change in valuation allowances related to net realizable value) and the charge based on the current cost of supply. The current cost of supply is calculated monthly using data from supply and production systems at the Refining & Marketing level.