Austria-based oil and gas firm OMV Group has unveiled a growth strategy for its upstream and downstream business to strengthen its market position and operating revenues.
The company intends to capitalise on growing global demand for oil and gas, which the International Energy Agency claims will be more than eight billion tonnes of oil equivalent per year by 2030.
OMV CEO Rainer Seele said: “Our integrated strategy will allow us to achieve international, profitable and responsible growth with the goal of substantially increasing the company’s value.”
OMV’s strategy will focus on generating growth through integration, supporting the company’s gas market presence in Europe, accelerating the optimisation of its processes, and globalising the company’s production, processing and marketing.
Future acquisitions are also expected to contribute towards growth.
OMV aims to increase its secure reserves to more than two billion barrels of oil equivalent by 2025. Of the total reserves, the share of natural gas is expected to be more than half.
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By GlobalDataOMV also intends to develop Australasia into an additional core region.
Between now and 2025, the company will make an average annual investment of around €2.5bn.
In addition, the investment plan also comprises an acquisition budget of €10bn to 2025.
