Floods, Technical Issues, Strikes Hit OMV Production

Austria's OMV reported Wednesday that its hydrocarbon production for the second quarter of 2013 fell to 297,000 barrels of oil equivalent per day, down from 302,000 boepd in the first quarter. The firm said the lower production was affected by floods in Austria, technical problems in Kazakhstan and security problems and strikes in Libya.

OMV said July 15 it had resumed production in Libya and it reported that output in the country had returned to normal levels. Meanwhile, the company stated Wednesday that the lower production from Austria, Kazakhstan and Libya during 2Q 2013 was partially offset by higher volumes in Romania and New Zealand.

OMV also reported Wednesday that it wrote down $72.5 million in assets relating to its Nabucco West project. Nabucco recently failed to beat the TAP consortium in a bid to build a pipeline to bring gas from Azerbaijan to Western Europe.

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