By Giulia Petroni

OMV AG on Wednesday said that it is forming a joint venture with Austrian provider Wien Energie to develop and use deep geothermal energy in Vienna.

The two companies have previously collaborated in the exploration, planning and measurement of the geothermal potential of the eastern Vienna Basin. "Based on further exploration of the Vienna Basin and exploitation of the existing potential, deep geothermal plants are set to be developed, built, and operated," OMV said.

The JV is subject to regulatory approvals.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 08, 2023 05:06 ET (10:06 GMT)

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