Austrian energy firm expands in Norway

Austrian energy firm expands in Norway

Austrian energy firm expands in Norway

Austria-based energy company OMV seeks alternative energy fields. REUTERS Photo

Austria-based energy company OMV is continuing its expansion into Norway, acquiring six additional offshore exploration licenses in the country.

OMV signed for six new offshore exploration licenses and will act as an operator for two of them, the company, which also owns Turkey’s Petrol Ofisi, said yesterday. The licenses were awarded by the Norwegian Petroleum and Energy Ministry in the 22nd exploration license round.

The signing for the license with the ministry took place on June 28, the largest Austrian- listed industrial company said.

 “Norway is one of the most important growth regions for OMV as the company focuses on exploration and production,” said Jaap Huijskes, an OMV Executive Board member responsible for exploration and production.

OMV now has a total of 23 offshore licenses in Norway.

In addition to Norway, the Black Sea has been at the core of company’s plans to create alternative resources for Europe.

OMV’s preliminary estimate on the Neptun Deep field off Romania, first announced in February 2012, stands at between 42 billion to 82 billion cubic meters per year.