The Austrian company - OMV wants to get a quarter of the Russian gas condensate project in Siberia to maintain production, said the head of the refining division of Austrian OMV, Manfred Leitner.
In June, OMV signed with Russia's Gazprom a memorandum of an agreement about the development of two sites of Achimov deposits of Urengoy field – the block IV and V, and also about a two-time extension of the Nord Stream gas pipeline.
According to Gazprom (MCX: GAZP), the five areas of the field are capable of producing about 11 million tons of unstable gas condensate after 2024, and more than 36 billion cubic meters of gas each year.
According to Leitner, OMV plans to produce in the Urengoy project over 40 000 barrels of hydrocarbons per day while analysts expect that the share of Austrian company can grow up to 60 000 barrels of oil equivalent in the 2020-2021 year.
The total production of OMV in the second quarter amounted to 307.000 barrels of oil equivalent per day.
Under the guidance of new OMV head, Rainer Seele, the company is more and more interested in Russia as a country with low exploration costs during the period of cheap raw materials, giving the possibility to replace the stop of production in Libya and Yemen, and expensive raw material production in the North Sea.
Leitner said the previously set aim, which was to achieve production of raw materials at a rate of 400 000 barrels per day is now irrelevant due to the reduction of investments amid a sharp drop in oil prices.
OMV also hopes to have with Gazprom exchange of assets, the impressive list of which will be agreed at the end of 2015 - early 2016, said Leitner.
He also reiterated the viewpoint of the OMV head, Seele, who earlier said that the refining margin in Europe, which is restoring in the second quarter and which supports the financial result of the company, will be reduced in the second half of this year.
"The refining margin will not fall dramatically, but it will creep down," - said Leitner.
According to him, the refining margin will stabilize at around $ 3-4 per barrel, right after the overcapacity in the oil refineries in Europe, which is estimated at 10 %, will be removed.
This summer, OMV, the Anglo-Dutch Shell, German E.ON and BASF-Wintershall, have agreed to double the capacity of the Nord Stream gas pipeline in 2020. The French Engie also wants to join the project.