OMV (Vienna, Austria) has announced the largest oil and natural gas discovery in Austria for the past 25 years. 4.5 million barrels of oil equivalent (boe) have been identified by exploration drilling in the Weinviertel region of Lower Austria that corresponds to around 500,000 metric tons of oil and 200 cubic metres of natural gas and is roughly 33% of OMV’s annual Austrian production of 14 million boe. A further 3 million boe may be added by appraisal drilling. Using seismic surveys and computer-aided interpretation methods OMV has been successful in locating unknown oil and natural gas accumulations both in Austria and internationally. OMV’s global production target is a rate of 160,000 boe per day by 2008, which means tripling its international production. Over the past two years the company has drilled 45 wells in Austria and reached the highest level of domestic production in 20 years.
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