OMV Improves 1Q Production

Austria's OMV reported Tuesday that it expects production for 2013 to be broadly similar to 2012 as various increases will offset declines resulting from the company's divestments in the UK North Sea in late 2012 and production at the Schiehallion field being suspended since January.

OMV said it increased production during the first quarter of 2013 thanks to recovered volumes in Libya and Yemen. Production during the quarter increased to 302,000 barrels of oil equivalent per day during 1Q 2013 compared with 299,000 boepd in 1Q 2012.

In Libya OMV expects production to remain at current levels, although it noted that the security situation in the country remains volatile. In Yemen production has recovered following the repair of an export pipeline in 4Q 2012, while OMV said that the Habban development restarted in April.

In Iraqi Kurdistan, OMV said that the field development plan for Bina Bawi is being prepared for later this year. In Pakistan the firm said that construction of the Mehar project is ongoing and production is expected to start this year, while the development of the Latif field is ongoing with production start expected for 3Q 2013.

OMV said that it expects to further increase its exploration and appraisal expenditure during 2013 against that for 2012, with high impact wells planned at Bonna and Wisting in the Barents Sea and Matuku offshore in New Zealand as well as Bianchi-1 in Australia and Cambo-5 in the UK.

"In the first quarter of 2013, we again showed a strong operational performance and continued to deliver on our strategy. We managed to increase production versus the fourth quarter of 2012, in spite of the divestments in the UK North Sea and production at Schiehallion being suspended in order to progress the field redevelopment. We took the final investment decision to develop the promising Aasta Hansteen gas field, including new pipeline infrastructure, which will further embed Norway as a core country within our portfolio."

 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Rosneft Sells 15% Stake in Vankorneft ... (Sep 4)
 -  Gazprom, CNPC Sign MOU on Gas Supply P... (Sep 4)
 -  Pertamina's January-July 2015 Oil, Gas... (Sep 4)
 -  Statoil Hits Oil in Northern North Sea (Sep 4)
 -  Europa Oil & Gas: Wressle Discovery Co... (Sep 4)


Most Popular Articles

From the Career Center
Jobs that may interest you
West Coast Account Manager
Expertise: Business Development|Sales & Marketing
Location: Seattle, WA
 
Drilling Engineer
Expertise: Drilling Engineering|Petroleum Engineering
Location: Anchorage, AK
 
Permian Sales Manager- Well Testing
Expertise: Production Testing|Well Servicing & Testing
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.68/BBL 0.35%
Light Crude Oil : $46.75/BBL 1.08%
Natural Gas : $2.73/MMBtu 3.01%
Updated in last 24 hours