The Austrian company said it estimated there may be as much as 50 million barrels of recoverable resources at the Hanssen discovery off the coast of Hammerfest in the Barents Sea.
"OMV's strategy in establishing Norway as a core country for the exploration and production business is advancing very well," Jaap Huijskes, the OMV board member in charge of exploration and production, said in a statement.
Tullow Oil, a partner in the project, said the discovery tested at a preliminary rate of 2,000 barrels of oil per day.
Some natural gas was associated with the discovery, though OMV said most of the recoverable reserves exist as oil.
The discovery was made in a wildcat well, one positioned in a region not known previously to contain oil and natural gas reserves.