Upstream Progress Helps OMV Boost Earnings

Austria's OMV reported Wednesday that it delivered a "strong operating performance" during the first nine months of this year, with production in Libya and Yemen coming back on stream.

OMV said that, in line with its strategy, which focuses on upstream growth, it made acquisitions in the Aasta Hansteen gas field development and in the Edvard Grieg oil field development in Norway. In addition, the company increased its exploration acreage in the Black Sea and began the development of the Latif gas field in Pakistan.

Production of oil and liquids during the nine months to the end of September amounted to 44.6 million barrels, compared with 39.1 million during the same nine-month period in 2011. Natural gas production was about the same as in 2011 at 217.3 billion cubic feet (Bcf) compared with 220.9 Bcf.

OMV's earnings before interest and taxes (EBIT) came in at $2.6 billion (EUR 2 billion) during the first nine months of 2012 (1Q-3Q 2011: EUR 1.6 billion).

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