"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.