Billion Arctic Oil Barrels Mean Austria’s OMV Unfazed by Slump
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Tumbling oil prices aren’t deterring OMV AG from its Arctic ambitions, as the Austrian explorer plans to begin exploiting a discovery in the Barents Sea from 2022.
“If you have a billion barrels of good quality oil, be it in the Barents Sea or be it in the Norwegian North Sea, you should be able to develop it,” Bernhard Krainer, managing director of OMV’s Norwegian unit, told a conference today. “We can’t really care too much what the oil price is right now.”