22:14 GMT +317 October 2018
Listen Live
    Outside view of the new headquarters of the Austrian oil and gas giant OMV AG

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

    © AP Photo / Hans Punz
    Business
    Get short URL
    0 47

    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.

    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.

    Related:

    Russia, Austria to Jointly Promote Nord Stream-2 Gas Pipeline
    Russia, Europe Could Cooperate on Refugee Issues - Austrian Vice-Chancellor
    Russia to Conduct Observation Flight Over Austria Under Open Skies Treaty
    Tags:
    Oil, pipeline, OMV, Austria, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment