OMV Begins Gas Production at Deep Wittau Field in Austria

OMV has initiated commercial gas production at its Wittau field in Lower Austria, extracting gas from depths exceeding 5,000 meters. This discovery represents the company's largest natural gas find in 40 years. The first phase will develop approximately 1 billion cubic metres (Bcm) of gas, with deliveries planned for the 2026-2027 winter season. Production in this initial phase is expected to supply the equivalent of heating for around 100,000 households over a ten-year period.

Investment and Strategic Importance

Following an investment decision in early 2025, production began in the second quarter to ensure supply for the upcoming winter. Total investments in the first phase amount to roughly €150 million ($174 million), with about €70 million allocated for drilling and €80 million for infrastructure and equipment. Once fully developed, the Wittau field is expected to double OMV's current gas production in Austria. With potential recoverable resources of approximately 4.2 Bcm, the field will help extend and secure domestic gas production long-term. OMV sees further investment potential of around €500 million in the region, subject to market conditions.

Geopolitical and Supply Context

Austrian Chancellor Christian Stocker emphasized the strategic importance of the Wittau project for national security of supply, stating it will make Austria more resilient, independent, and crisis-prepared. The development comes amid low EU gas storage levels, which were just over 36% full (about 39 Bcm) as of mid-April. Storage levels have only been lower at this time of year in 2017, 2018, and 2021, but during those years, Russian pipeline gas continued to flow and global LNG supplies were not disrupted by the Middle East conflict. The International Energy Agency (IEA) noted that the Middle East conflict has already caused the loss of around 120 Bcm of cumulative LNG supply for the 2026-2030 period, with the impact concentrated through 2026 and 2027.