Austria's oil and gas company (OMV) has confirmed its largest domestic gas discovery this century, the biggest of its kind for the company in 40 years.
The OMV operated well is located in Lower Austria and was drilled to a final depth of 5000 metres after five months of operations.
Preliminary evaluation indicates potential recoverable resources of approximately 48 terawatt hour or 28 million barrels of oil equivalent.
After full development of the discovery, OMV expects its natural gas production in Austria to increase by 50 percent.
OMV is currently considering options to further appraise the field and also to fast-track development in conjunction with its operated gas facility in Aderklaa about 10 kilometres from the discovery, the company said.
This year, OMV is planning to invest between 200 million Euros (USD 219.2 million) and 250 million Euros into exploration and appraisal efforts against 202 million Euros last year. (QNA)
Source: Qatar News Agency