OMV has made a significant effort over the past year to get a better understanding of the shallow Wisting reservoir. Six wells have been drilled to date, yielding a huge amount of data. In addition, the Wisting team has successfully combined traditional seismic with Controlled Source Electro Magnetic (CSEM) in the technical studies for subsurface optimization.

“Data from the latest appraisal well and the seismic data acquired have given us a better understanding of the area and the resources. We now see the increased potential of Wisting”, said Knut Mauseth, Senior Vice President OMV (Norge) AS.

The current reference conecpt for the Wisting development is an FPSO with a subsea production system consisting of 19 producers and 15 water injectors. The dynamic and static reservoir models have been updated with a new water injection and gas management strategy. The recoverable resources in PL 537 reported to the Norwegian Petroleum Directorate for 2018 are estimated at around 440 million barrels of oil compared to 350 million barrels in 2017.

“I am delighted to see that our updated models increase the estimates of the volumes significantly. Wisting is a big discovery, and we have now a more robust business case to move the project forward towards development”, said Mauseth.

Two FPSO concepts in the form of a circular and a ship-shaped hull are being matured, and the final concept selection in the license group is expected in 2020.

PL 537 was awarded during the 20th licensing round in 2009. Wisting is located in the Barents Sea and was discovered in 2013 in exploration well 7324/8-1. OMV (Norge) AS is the operator of PL 537 with a 25 percent working interest. The partners are Equinor Energy AS (35%), Petoro (20%) and Idemitsu Petroleum Norge (20%).

Notes:

OMV (Norge) AS was established in 2006 and is headquartered in Stavanger. OMV holds production licenses in Aasta Hansteen, Gullfaks and Gudrun, operated by Statoil, and in Edvard Grieg, which is operated by Lundin. In 2017, the daily net production from these assets was approximately 79,000 boe. OMV (Norge) AS is the operator of the Wisting discovery in the Barents Sea and the Hades/Iris discovery in the Norwegian Sea. OMV (Norge) AS currently has interests in over 40 production licenses on the Norwegian continental shelf, with eight licenses operated. OMV (Norge) AS is a wholly owned subsidiary of OMV Exploration & Production GmbH which itself is a wholly owned subsidiary of OMV Aktiengesellschaft.

About OMV Aktiengesellschaft

OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 20 bn and a workforce of around 20,700 employees in 2017, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio, with the North Sea, the Middle East & Africa and Russia as further core regions. 2017 daily production stood at approximately 348,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2017, gas sales volumes amounted to around 113 TWh. Sustainability is an integral part of the corporate strategy. OMV is set to invest EUR 500 mn in innovative energy solutions by 2025.