The main strategic objective of the E&P business is to become a leading producer of natural gas for our European core markets. By 2030, OMV’s ambition is to reach an E&P production level of around 400 kboe/d, with natural gas expected to account for more than 50% of total output. OMV has refocused its production portfolio around three core regions: North, Central and Eastern Europe (CEE), and South. In this context, OMV divested its assets in Malaysia in December 2024.
Total average hydrocarbon production came in at 305 kboe/d for 2025 (2024: 340 kboe/d), with a natural gas share of around 42% (2024: 47%).
|
2025 |
2024 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oil & NGL |
Natural gas2 |
Total |
Oil & NGL |
Natural gas2 |
Total |
||||||
|
in mn bbl |
in bcf |
in mn boe |
in mn boe |
in mn bbl |
in bcf |
in mn boe |
in mn boe |
||||
Romania |
17.6 |
110.9 |
20.5 |
38.1 |
19.1 |
112.4 |
20.8 |
39.9 |
||||
Austria |
2.9 |
16.4 |
2.7 |
5.6 |
3.0 |
18.2 |
3.0 |
6.0 |
||||
Norway |
8.6 |
85.5 |
14.3 |
22.9 |
10.0 |
86.1 |
14.4 |
24.4 |
||||
Libya |
12.9 |
– |
– |
12.9 |
10.2 |
– |
– |
10.2 |
||||
Tunisia |
0.7 |
7.9 |
1.3 |
2.0 |
0.9 |
9.2 |
1.5 |
2.5 |
||||
Kurdistan Region of Iraq |
1.0 |
18.8 |
3.1 |
4.1 |
1.0 |
18.2 |
3.0 |
4.0 |
||||
United Arab Emirates |
18.7 |
– |
– |
18.7 |
18.4 |
– |
– |
18.4 |
||||
New Zealand |
2.5 |
26.2 |
4.4 |
6.8 |
2.9 |
36.0 |
6.0 |
8.9 |
||||
Malaysia |
– |
– |
– |
– |
0.8 |
56.9 |
9.5 |
10.2 |
||||
Total |
64.9 |
265.6 |
46.3 |
111.2 |
66.2 |
337.1 |
58.3 |
124.4 |
||||
|
||||||||||||
Reserves Development
Proved reserves (1P) as of December 31, 2025, decreased from 979 mn boe (position at December 31, 2024) to 880 mn boe (thereof OMV Petrom: 411 mn boe). The one-year Reserve Replacement Rate (RRR) was 11% in 2025, as positive revisions were almost completely offset by the divestment of the Ghasha concession (2024: –26%). The three-year rolling average RRR is 57% (2024: 21%). Positive performance revisions to proved reserves mainly in the United Arab Emirates, Romania, and Norway and successful project maturations mainly in Romania, Libya, and Norway did not fully compensate for the production and the divestment of the Ghasha concession. Proved plus probable reserves (2P) decreased from 1,543 mn boe (position at December 31, 2024) to 1,389 mn boe (thereof OMV Petrom: 620 mn boe). Net additions, such as project maturations in the United Arab Emirates and Romania and better performance in Libya, fully replaced the production but could not offset the divestment of the Ghasha concession.
North
OMV is actively engaged in offshore exploration, appraisal, development, and production projects in Norway. The Company is focused on high grading its portfolio and increasing equity gas production. By concentrating on infrastructure-led exploration next to existing fields, OMV aims to extend the longevity and materiality of its portfolio, ensuring long-term value creation and resilience. In 2025, OMV’s production in Norway averaged 63 kboe/d (2024: 67 kboe/d), with a natural gas share of around 62% (2024: 59%).
Norway
Exploration
In 2025, OMV drilled the Hoffmann exploration well as a follow-up to the 2024 Haydn/Monn gas discovery in the Vøring Basin (PL1194) of the Norwegian Sea. This well encountered residual hydrocarbons at the main reservoir level, most likely due to trap leakage. However, we have identified further potential prospects located in the vicinity of Haydn/Monn through a substantial data acquisition program. OMV reinforced its presence in the Vøring Basin with four new licenses in this area (three as operator and one as partner) following the Awards in Predefined Areas (APA) 2024 application process.
Joint Ventures/Operations
OMV holds non-operated interests in four producing fields on the Norwegian Continental Shelf: Gudrun (24% share, oil and gas field operated by Equinor), Gullfaks (19% share, oil and gas field operated by Equinor), Edvard Grieg (20% share, oil and gas field operated by Aker BP), and Aasta Hansteen (15% share, gas field operated by Equinor).
Gudrun Field
The third infill drilling campaign, with drilling of two new wells planned in July and August 2026, aims to accelerate production at the Equinor-operated mature offshore oil field, which is approaching the end of its operational life. This is expected to positively impact plateau production by around 4 kboe/d (net to OMV).
Edvard Grieg/Solveig Phase 2
Edvard Grieg serves as a host platform for several tie-back developments, including Solveig Phase 1 and 2. Efforts to maximize the value of the greater Edvard Grieg area are progressing well, with the Solveig Phase 2 project nearing completion and production start-up scheduled for Q1 2026. In 2025, offshore pipelines, umbilicals, and subsea structures were installed as planned. Topside modifications were successfully completed during the Edvard Grieg shutdown in September 2025. Drilling of three wells commenced in November 2025, with the campaign expected to conclude in April 2026. Estimated production impact at plateau is around 2 kboe/d (net to OMV).
Gullfaks Field
On the Gullfaks field, 15 wells were delivered and handed over to production during 2025. A new project to upgrade an existing wet gas compressor was matured during the year, and the project was sanctioned by year-end 2025.
Growth Projects
Berling
- Type of hydrocarbons: Natural gas and condensate
- Location: Norwegian Sea, 20 km west of the Åsgard field, water depth of around 350 m
- Operator: OMV Norge (30%)
- Development concept: Subsea production structure tied back to the Equinor-operated Åsgard B semi-submersible floating platform
- First gas: 2029
- Plateau production: 12 kboe/d (net to OMV)
- FID: Q4 2022
- Status & outlook: Execution of the project is progressing well without any Lost Time Injuries (LTI). The main offshore installations covering subsea structures, umbilicals, and pipelines have been completed. As part of the Åsgard scope of works for 2026, risers and dynamic umbilicals will be installed. Planning for drilling activities is ongoing, with spud expected in 2027.
Central and Eastern Europe (CEE)
In CEE, OMV is active in Austria, Romania, and Bulgaria. The main focus areas are the development of the major Neptun Deep gas project in the Romanian Black Sea and unlocking further growth potential through exploration activities in both the Romanian and Bulgarian sectors of the Black Sea. Additionally, OMV is actively managing the decline of its mature fields, with the help of workover and well intervention campaigns, ensuring the longevity of its assets. In 2025, OMV’s production in CEE averaged 120 kboe/d (2024: 125 kboe/d), with a natural gas share of around 53% (2024: 52%).
Austria
Exploration
The Wittau West Tief 1 exploration well was drilled safely and encountered its primary target in the Hauptdolomit limestone. Initial indications of the presence of gas are positive, and a well test is being conducted to confirm the technical and commercial potential of the reservoir.
Operations
Austria’s production remains stable, supported by regular workover campaigns and smart oil recovery (SOR) projects. The successful completion of the gas storage workover campaign has maintained storage capacity at 2.2 bcm, ensuring security of supply. Cost discipline was maintained through the effective implementation of cost and production optimization programs. HSSE performance campaigns were extended to contractor personnel, reinforcing a strong safety culture at every level of the organization. In 2025, the methane emission compliance initiative was executed, strengthening internal skills and competencies. Decarbonization steps remain on track, with the sanctioning of the Auersthal electrical compressor and tie-in works for the gas storage compressor.
Growth Projects
Wittau Phase 1
- Type of hydrocarbons: Natural gas
- Location: East of Vienna, near Aderklaa
- Operator: OMV Austria (100%)
- Development concept: Phase 1 comprises two wells (Wittau Tief 2a and Wittau Tief 3). The produced gas will go through a gas drying unit (ZGT Wittau) and will then be transferred via a 12 km pipeline to the Aderklaa gas treatment facility.
- First gas: 2026
- Plateau production: Around 3 kboe/d (net to OMV), which should result in an approximate 50% increase in OMV’s gas production in Austria
- FID: Q1 2025
- Status & outlook: Completion run, stimulation, and well clean-up activities for the Wittau Tief 2a well have been completed. Wittau Tief 3 spudded in October 2025 and drilling will continue until Q1 2026. The construction, tie-in works, and hydro test of the pipeline from ZGT Wittau to the gas treatment facility in Aderklaa have been completed. Construction works in ZGT Wittau and the high-pressure compressor work package in Aderklaa are ongoing, with commissioning and start-up works to follow in Q1 2026.
Romania
In 2025, Romania achieved good production volumes. In addition, the flagship Neptun Deep project – operated by OMV Petrom in partnership with Romgaz Black Sea Limited (50%/50%) – is progressing on schedule and within budget.
Exploration
The Spineni-1 gas well was tested and confirmed a production potential of 180,000 m3/d of natural gas and 25 m3/d of condensate, or a total of around 1 kboe/d from the discovery. Approximately EUR 15 mn was invested during the exploration phase. The well will be tied into existing local infrastructure.
Operations
In 2025, excluding production enhancement contracts, 31 new wells and sidetracks were drilled, 542 workover jobs were carried out, and 634 subsurface abandonments were performed in Romania. The good results from new wells and workovers partly compensated for the natural production decline. The major planned maintenance works were successfully and safely finalized for both offshore and onshore facilities.
In addition, OMV Petrom achieved its first dual string gas well completion in the Oltenia area. The 2010 Predești well was safely drilled and completed, and is currently producing gas from two independent geological zones simultaneously. Dual string completions have proven to be successful in field redevelopment projects such as Brǎdești and are scheduled to be deployed in other gas fields as well.
In terms of other projects, construction activities have progressed for Tank Farm Independenta and the Abramut gas plant and are scheduled to continue throughout 2026.
In 2025, OMV Petrom advanced with activities to reduce its Scope 1 and 2 emissions. These activities included G2P (Gas to Power) and CHP (combined heat and power production) projects to prevent routine flaring and venting. These together with the S2P (Solar to Power) installations cover almost all of the internal electricity needs of OMV Petrom’s E&P division.
Growth Projects
Neptun Deep
- Type of hydrocarbons: Natural gas
- Operator: OMV Petrom (50%)
- Location: Romanian sector of the Black Sea, approx. 160 km from shore in water depths ranging from 100 to 1,000 m
- Development concept: Drilling of a total of ten subsea wells is planned. The Pelican South field has four wells on one drill center and the Domino field has six wells across two drill centers. In addition, the project will include flowlines, an unmanned and self-powered offshore platform with gas dehydration facilities, a gas pipeline to Tuzla, and a measurement station.
- First gas: 2027
- Plateau production: 70 kboe/d (net to OMV) expected to be reached within one year after first gas and to last eight to ten years
- FID: Q2 2023
- Status & outlook: In March 2025, the contracted Transocean Barents mobile offshore drilling unit commenced drilling of four Pelican South wells and moved to the Domino field in early 2026 to commence drilling activities on the six wells that will complete the field development plan. All materials provided by third parties, pipelines, umbilicals, and subsea production systems were delivered on time to support prime contractor activities. The shallow water platform topsides and jacket fabrication are on track, with sail away from Indonesia and Sardinia respectively expected in 2026. Onshore work on the natural gas metering station is progressing well, while the micro tunnel, which provides the route for the main pipeline under the beach, was completed and is ready for shore pull operations in early 2026. Overall, the project is on track, with first gas expected in 2027.
Bulgaria
OMV Petrom completed the farm down of 50% of its working interest in the Han Asparuh exploration license in March 2025 to a subsidiary of the Israeli company NewMed Energy, while maintaining its role as operator. In exchange, NewMed Energy will bear a significant part of the costs of the exploration and appraisal operations. Following the entry of state-owned Bulgarian Energy Holding (BEH) in the Han Asparuh block in January 2026, with a 10% interest, OMV Petrom continues to hold a 45% share in the license and remains the operator.
Two deep-water, high-impact exploration wells are planned, with the first well spud in December 2025 with the Noble Globetrotter I drillship. The drilling campaign is expected to cost approximately EUR 170 mn (OMV Petrom share around EUR 30 mn) and will last about five months.
Han Asparuh is an exploration block located in the western Black Sea in Bulgaria, south of the Neptun block in Romania, and has an area of 13,712 km2 with water depths of just under 2,000 m.
South
In the South region, OMV is active in the United Arab Emirates, Libya, Tunisia, and the Kurdistan Region of Iraq. OMV aims to grow its gas production and resource base in North Africa. This will allow the Company to diversify its portfolio and enhance overall resilience, given the significant potential this region offers. In 2025, OMV’s production in the South region averaged 103 kboe/d (2024: 96 kboe/d), with a natural gas share of around 12% (2024: 13%).
Libya
Exploration
The Essar well was successfully tested in October 2025, following the discovery at the end of 2024 in the OMV-operated Contract Area 106/4 (EPSA C103) within the Sirte Basin. Commercial flow rates of around 4 kboe/d were measured, and the discovery will be developed via tie-back to existing nearby infrastructure. In addition, non-operated exploration activities in the Murzuq Basin resumed, with three wells drilled under Repsol’s operatorship.
Operations
In 2025, production was 25% higher than the previous year, representing a significant milestone for OMV’s operations in Libya. For 2025, production averaged 35 kboe/d, marking the highest level ever achieved by OMV Libya. The main contributor to this performance was OMV’s share in the El Sharara field (26 kboe/d), with the highest production levels in years due to increased drilling and workover activities.
In Q2 2025, the Nafoora Asset team was established to enhance the asset performance, accelerate production ramp-up, and provide OMV with greater operational control. Despite a tense security situation in Tripoli during the spring of 2025, the overall environment stabilized, resulting in steady production.
Growth Projects
Nafoora field redevelopment
- Type of hydrocarbons: Oil
- Location: Sirte Basin in the east of Libya
- Operator/JV: AGOCO, with OMV and NOC JV under Nafoora Asset Team (NAT)
- Development concept: Oil field redevelopment project jointly managed by OMV and NOC through NAT and operated by AGOCO. Major contributor to growth in Libya until 2030 and beyond.
- Plateau production: 8 kboe/d (net to OMV) by 2030
- FID: Full field redevelopment FID planned for Q2 2026
- Status & outlook: In 2025, five wells were drilled. Nafoora production reached around 6 kboe/d (net to OMV). In 2026, the plan is to drill six additional infill wells ahead of the FID in Q2 2026.
United Arab Emirates (UAE)
Production in the UAE increased slightly in 2025, driven by enhanced reliability and efficiency at the offshore facilities in Umm Lulu and SARB (Satah Al Razboot). Development drilling and appraisal activities continued at both fields.
Growth Projects
SARB & Umm Lulu Phase 2
- Type of hydrocarbons: Oil
- Location: SARB field, 120 km from Abu Dhabi, and the Umm Lulu field, about 30 km away
- Operator: ADNOC-operated shallow water oil developments (OMV share 20%)
- Development concept: Infill drilling (2024-2026) and hook-up to existing facilities
- Plateau production: 8 kboe/d (net to OMV) by 2030
- FID: Q3 2022
- Status & outlook: SARB Phase 2 and Umm Lulu Phase 2 are both in the execution phase, with more than 50% of the wells drilled and drilling continuing in 2026; installation of Umm Lulu’s main oil line is in progress.
Tunisia
Exploration
The recent exploration discoveries (Aziza-1 in the Jenein Sud permit, Anbar-1, Sabeh-1, and Wissal-1 in the Borj El Khadra permit) enabled the award of two new concessions to OMV. Both concessions, Aziza and Sabeh, will be developed through OMV’s Nawara surface facilities.
Operations
Production operations were safely conducted and maintained throughout 2025. A workover campaign was carried out on Ritma-1 and Benefsej-1 to restore production, and on Sourour-1 to secure the well and sustain production levels. Planned shutdowns were executed successfully in the Nawara facilities in May and in the Waha field in September. The next turnaround is expected in 2027.
Kurdistan Region of Iraq (KRI)
Operations
In the KRI, Khor Mor activities – operated by Pearl Petroleum – demonstrated continued resilience, maintaining production despite challenging security conditions. The KM250 gas expansion project also delivered first production. Drone activity continued throughout the year, unfortunately resulting in a serious attack in November 2025. While fortunately no personnel were harmed, facilities sustained damage, leading to a subsequent halt of production for two days from the field.
Growth Projects
Khor Mor Growth (“KM250”)
- Type of hydrocarbons: Gas, condensate, and LPG
- Location: Kurdistan Region of Iraq
- Operator/JV: Pearl Petroleum-operated onshore gas development critical for KRI (OMV share 10%)
- Plateau production: 4 kboe/d (net to OMV)
- FID: Q4 2019
- Status: First commercial gas sales achieved in October 2025 with the plant commissioned and handed over to operations in 2025.
Rest of the World
In 2025, OMV completed its withdrawal from Yemen. Aside from the core regions, OMV is active in New Zealand. In 2025, OMV’s production in New Zealand averaged 19 kboe/d (2024: 24 kboe/d), with a natural gas share of around 64% (2024: 67%).
New Zealand
In New Zealand, notice has been provided to the government and regulators that the Māui gas field is expected to cease production by the end of 2026. Stronger production performance and lower decline rates in the Maari oil field prompted OMV to extend the economic field life to 2032–33 and to request a permit extension beyond 2027. The application for a ten-year extension was approved in August 2025.