|This article needs additional citations for verification. (September 2007)|
|Type||Joint stock company|
|Traded as||WBAG: OMV|
|Industry||Oil and gas|
|Key people||Gerhard Roiss (CEO)|
|Products||Oil and gas exploration and production, natural gas trading and transportation, oil refining, electricity generation|
|Employees||approx. 29,000 |
OMV (formerly "Österreichische Mineralölverwaltung", ÖMV), is an integrated international oil and gas company, headquartered in Vienna. OMV’s main business is in Exploration & Production (E&P), Gas & Power (G&P) and Refining & Marketing (R&M).
In 2012 OMV produced around 800,000 tonnes of oil and 1.3 billion cubic meters of gas in Austria.
OMV (ÖMV as it was known then) originated in 1956 as a joint-stock company formed out of “Sowjetischen Mineralölverwaltung” (SMV). Four years later, in 1960, the company opened the Schwechat refinery near Vienna. 
At the end of 1987, 15% of OMV was privatized, making it the first public listing of a state-owned company in Austria. In 1989, OMV acquired a 25% stake in plastics group, Borealis.
The International Petroleum Investment Company (IPIC) of Abu Dhabi acquired an initial 19.6% interest in the group at the end of 1994. The following year, the group changed its name from "ÖMV" to "OMV" because the umlaut on the "Ö" is not commonly used in many languages. In the early 2000s, OMV expanded into Eastern Europe, by acquiring around 10% of Hungarian oil company, MOL and in 2003 it acquired the upstream division of Germany’s Preussag Energie, expanding its filling station networks.
In the same year, OMV increased its share capital, meaning that more than 50% of the company’s shares were in free float for the first time. Following the sale of 50% of the subsidiary company Agrolinz Melamine International GmbH to IPIC in 2005, the Borealis group was taken over in full together with IPIC.
In 2006, OMV acquired a 34% stake in Turkish oil group Petrol Ofisi - the largest Austrian investment in Turkey to date. In the same year, the board members of OMV and Verbund, the Austrian utility group announced plans for a merger. However, this collapsed due to resistance from Austrian MPs.
OMV increased its stake in Hungarian oil group MOL to 20.2% in 2007. OMV then sold its entire stake in March 2009 after MOL rejected a takeover bid in 2008 and the European Commission imposed tough restrictions for an approval of the deal. OMV acquired the stake held by Dogan Holding in Petrol Ofisi in late 2010, which further increased its stake in the company to 95.75%. In 2011, this stake was increased again to 97%.
In September 2011, the company unveiled its revised corporate strategy, ‘profitable growth’. According to the strategy, OMV intends to increasingly divert its investments from the refining and filling-station business to the upstream business (Exploration & Production), where two thirds of future investments will be made. OMV’s plan is to increase the E&P weighting in the overall portfolio to up to 60% by 2021. At a regional level, the investment focus is to be on the Black Sea, the North Sea region, the Caspian region, the Middle East and Africa. The group is currently evaluating the sale of its 45% stake in German refining network Bayernoil.
In 2012, the Domino-1 well in the Romanian Black Sea exploration license Neptun was the most significant discovery in 2012 and has the potential to be OMV´s biggest gas discovery ever.
In the coming years, OMV plans to turn itself into an integrated oil and gas company with a focus on upstream. Upstream business refers to the exploration and production of oil and gas and will become a much more important area for the group. Depending on equity gas, OMV will expand its gas business – from the extraction of gas, the gas transport through to gas marketing. If selected as the final pipeline route by Shah Deniz II consortium, the planned Nabucco West Gas Pipeline will connect the OMV markets from Turkey via Romania and ultimately to Baumgarten in Austria. OMV will therefore have access to the whole of Europe from its natural gas station in Baumgarten. In addition to the gas-fired power plant in Brazi (Romania), the OMV portfolio will be further strengthened with the start of operation of the gas-fired power plant in Samsun (Turkey). The R&M business unit (refining and marketing) will continue to be an important business area, but will have a much smaller weighting in the portfolio.
The most important shareholdings of OMV Aktiengesellschaft are listed below, with other shareholdings held by the appropriate business segments:
- OMV Refining & Marketing GmbH (100%)
- OMV Deutschland (100%)
- OMV Exploration & Production GmbH (100%)
- OMV Gas & Power GmbH (100%)
- OMV Solutions GmbH (100%)
- Petrol Ofisi (97%)
- Petrom SA (51%)
- Borealis (36%)
Refining & Marketing
OMV operates four refineries: Schwechat (Austria), Burghausen (Germany), Petrobrazi (Romania) and the Bayernoil refinery (Germany), with a total refinery capacity of around 22 million tonnes a year in 2012.
By the end of 2012, OMV was operating 4,400 filling stations in 13 countries under the OMV, Avanti, Petrom and Petrol Ofisi brands. Today, around 950 of these filling stations also have a VIVA shop, the first of which opened in Oberwart in 1994. Customers of OMV filling stations also have access to a wide range of additional services, including banking, insurance, or postal services. The range of services varies by location and OMV is continuing to establish partnerships with more companies to expand the number of services available. Current partners include, Österreichische Post, Wiener Städtische, Western Union and Erste Bank.
Exploration & Production
Exploration & Production is the division associated with the finding and producing of oil and natural gas reserves. OMV has an extensive international E&P and is mainly present in EU and OECD countries, with approximately two thirds of production coming from Romania and Austria. OMV’s production is split 50/50 between gas and oil. In the core countries of Romania and Austria, OMV concentrates on raising the yields from mature fields through the use of new procedures. In addition, OMV plans to develop new growth markets in the Caspian region, the Middle East and Africa, where it has already been active for some time. The daily production rate was around 303,000 boe in 2012.
Gas & Power
In Austria, OMV operates a 2,000 km (1,200 mi) gas pipeline network and sold a total transport capacity of 103 billion cubic meters in 2012. The compressor station in Baumgarten is an important distribution hub for Europe and distributes around one third of Russian gas exports to Western Europe. In 2012, OMV sold around 437 TWh of gas. Since 2007, OMV has also been involved in the construction of gas-fired power stations, which primarily use gas from the company’s equity production. In 2012, the gas-fired power plant Brazi (Romania) started commercial operations. A further OMV project is the Nabucco West Gas Pipeline, which is planned to transport Caspian gas from the Turkish-Bulgarian border via Bulgaria, Romania and Hungary to the gas distribution hub Baumgarten (Austria); this project was cancelled in 2013 by the Shah Deniz II Consortium, owner and operator of the Azerbaijani Shah Deniz gas field.
The acquisition of 51% stake in Petrom was considered controversial as the privatization contract was not been made public and it consists of several disputed clauses. The privatization allegedly produced a market monopoly. Critics say that OMV can use the resources Petrom owns until their exhaustion. Also fixing of tax for gas and oil exploration at 3 to 13.5 percent from the final delivery price for 10 years was criticized. Some critics claimed, that the price €1.5 billion was too low.
In June 2007 OMV made an unsolicited bid to take over MOL, which was rejected by the Hungarian company. MOL criticized OMV's advertisement in which OMV had suggested the two had already worked together on the European market. MOL thought that to be misleading and unethical and asked OMV to remove the name MOL from those advertisements. OMV dismissed its bid after negative results of the investigation by the European competition authorities.
OMV sold its entire stake to Surgutneftegas in March 2009.
- OMV Annual Report 2012 Five-year summary, page 160. Retrieved on April 25, 2013
- OMV Annual Report 2012 At a glance, page 35. Retrieved on April 25, 2013
- "OMV — History". OMV. Retrieved 6 June 2012.
- / OMV Investor Presentation page 58. Retrieved on April 25, 2013
- OMV Geschäftsbericht 2012 Geschäftsbereich Exploration und Produktion, Seite 39. Abgerufen am 25.03.2013
- OMV Annual Report 2012 OMV share and bonds, page 34. Retrieved on April 25, 2013
- OMV Group presentation Key companies and key subsidiaries, page 6. Retrieved on April 25, 2013
- Cristina Muntean (18 December 2006). "Petrom deal examined". CBW. Retrieved 7 December 2008.[dead link]
- "European Commission closes door on OMV-MOL merger plan". Realdeal.hu. 7 August 2008. Retrieved 7 December 2008.
- "OMV gets EU objections statement over MOL takeover bid". Forbes. 24 June 2008. Archived from the original on 24 May 2011. Retrieved 6 December 2008.
- "OMV sells MOL stake". OilVoice. 30 March 2009. Retrieved 30 March 2009.