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OMV Improves 1Q Production

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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."

 

 



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