OMV Plans to Ramp Up Energy Production in Russia After 2020 – CEO

© AP Photo / Hans PunzOutside view of the new headquarters of the Austrian oil and gas giant OMV AG
Outside view of the new headquarters of the Austrian oil and gas giant OMV AG - Sputnik International
According to OMV chief executive, Austrian energy company plans to produce over 50,000 barrels of oil equivalent (boe) a day at Russian oil and gas fields post 2020 as part of its new strategy.

Energy Minister Alexander Novak - Sputnik International
Russia, Austria Discuss Expanding Energy Cooperation – Russian Ministry
VIENNA (Sputnik) Austrian energy company OMV AG plans to produce over 50,000 barrels of oil equivalent (boe) a day at Russian oil and gas fields post 2020 as part of its new strategy, its chief executive said Thursday.

"After 2020, we expect that production [in Russia] will exceed 50,000 barrels a day," OMV head Rainer Seele told reporters.

OMV is one of Austria’s largest industrial companies. It operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany, in addition to some 4,100 filling stations in eleven countries, as of 2014.

The OMV Executive Board presented a new development strategy on Thursday that set objectives for coming years.

Together with the United Arab Emirates and Iran, Russia was identified as a major region for future development. Until now, OMV has considered Austria and Romania, the North Sea, the Middle East and Africa as core regions for energy production.

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