OMV to Go It Alone on 140 MW Hydrogen Plant as Libyan Oil Find Boosts Upstream
Published on 09/20/2026 at 06:43 | Editorial boerse-global.de
Vienna's OMV will press ahead with its flagship green hydrogen project in Austria without Abu Dhabi's Masdar, the company confirmed on Friday, taking full ownership of a facility that remains largely funded despite the partner's departure.
The electrolyser at Bruck an der Leitha in Lower Austria is designed for 140 megawatts of capacity and carries a total price tag of roughly EUR 600 million, equivalent to about USD 689 million. Once operational — currently targeted for the end of 2027 — it is expected to yield as much as 23,000 tonnes of green hydrogen annually, feeding industrial customers and the group's own refining operations as part of its decarbonisation roadmap.
Funding Already Largely Locked In
The European Investment Bank has approved a EUR 450 million loan for the scheme, covering the bulk of the required capital. For the remaining portion, OMV is banking on public support, with the Austrian government having signalled additional subsidies. The withdrawal of Masdar, a clean-energy arm of the emirate, does not alter the project's financial footing, according to the company.
Nor does it signal a broader retreat by Gulf investors. Abu Dhabi National Oil Company (ADNOC) continues to hold 24.9% of OMV and remains a cornerstone shareholder.
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Libyan Discovery Adds Upstream Momentum
While the hydrogen build-out grabs headlines, OMV's conventional exploration arm delivered its own news this week. On Wednesday, the group and Libya's National Oil Corporation confirmed the commercial viability of the "Essar" find in the Sirte Basin, where OMV serves as operator.
Recoverable gross resources are put at up to 45 million barrels of oil, with full-tilt output seen at roughly 6,000 barrels per day. That incremental cash flow gives the group extra firepower to fund low-carbon ventures down the line.
Romanian Storage Project Moves Forward
Subsidiary activity is advancing in parallel. On 11 September, majority-owned OMV Petrom signed an engineering, procurement and construction contract with Simtel Team to build a battery storage system at the I?alni?a solar park in Dolj county. The installation will have 20 megawatts of installed power and 40 megawatt-hours of storage capacity.
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An updated corporate presentation also highlights the Neptun Deep gas development in the Black Sea and the rollout of the group's 2030 strategy through Borouge International, a joint venture split evenly between OMV and XRG.
Shares Keep Their Footing
Investors took the Masdar exit in stride. OMV stock closed Friday at EUR 71.45, down 0.6% on the day, and remains within striking distance of its 52-week high of EUR 73.00. Since the start of the year, the shares have climbed 51%.
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