OMV makes big gas find in Vienna Basin

Austrian oil and gas major OMV has made the biggest natural gas find in the Vienna Basin for more than 20 years, the company said in a statement.

The potential reserves are estimated at up to 4 billion cubic metres (25 million barrels of oil equivalent). The discovery was made at the Strasshof T4 exploration well in two layers at depths of approximately 3,200 and 4,300 metres, the company said.

Production is expected to begin in three years, and daily production is likely to range between 500,000 bcm and 1,000,000 bcm (3,000 to 6,000 boe/d), the statement said.

Based on current assumptions, production is expected over 20 years. In 2004, OMV's total oil and gas production in Austria was around 14 million boe, it said.

Helmut Langanger, OMV executive board member responsible for exploration and production said: "Thanks to our highly developed 3D seismics, and the use of modern deep drilling technology, the OMV group has a track record of great success in developing new oil and gas reserves in mature and old oil and gas areas."