The European market is fed primarily by Russian and Norwegian supplies, respectively. Russian energy company Gazprom plans to double the twin Nord Stream network through the Baltic Sea to Germany and OMV said Tuesday the network is "of critical strategic importance ... as it will secure consistent, long-term gas supplies to Europe."
In February, the company said production from its assets in Russia should account for about a quarter of the total output this year. Total spending on exploration and production for OMV, meanwhile, should be around $1.6 billion.
For natural gas, the company said its production levels should be higher than last year, though sales would be more or less unchanged. In a statement on future trajectory, OMV said it wanted to establish itself as a premier market player in northwest and southeast Europe. For Germany alone, the company said it could secure a 10 percent market share by 2025.
"The move away from coal will mean an increase in demand for natural gas -- the more environmentally sound option -- on the European market," the company explained.
(UPI)
13/3/18
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