Austrian Energy Firm OMV Posts Rise in 1Q Production


VIENNA, April 23 (Reuters) – Austrian oil and gas company OMV's first-quarter production rose 12 percent thanks to Norwegian assets bought from Statoil and a partial return of Libyan production.

Output rose to 311,000 barrels of oil equivalent per day (boe/d) from 277,000 in the fourth quarter, also helped by a resumption of production after a shutdown in New Zealand and the completion of development projects in Pakistan, OMV said.

OMV's refining margin rose to $1.63 per barrel, an improvement over the fourth quarter's $1.16 but still well below the $3.01 of a year earlier as economic weakness continued to hurt European oil demand.

"The improvement, however, was more than offset by lower sales volumes, a lower domestic market price level in Germany and the longer than planned turnaround in Bayernoil," OMV said on Wednesday, referring to the German refinery it is selling.

OMV said production in Libya, which accounted for about 10 percent of the company's output before the 2011 uprising that toppled leader Muammar Gaddafi, was hit by security issues again in the quarter and had been shut in since mid-March.

It added that its gas margin in Turkey was negative in the quarter due to higher supply costs resulting from the unfavourable dollar-lira rate.

(Reporting by Georgina Prodhan; Editing by Mark Potter)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
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

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Tax Specialist Required for Global Service Company in Houston
Expertise: Accounting
Location: Houston, TX
Administrator / Office Supervisor
Expertise: Accounting
Location: Sugar Land
Sales Manager - Safety Relief Valves
Expertise: Business Development|Sales
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.33/BBL 1.14%
Light Crude Oil : $48.37/BBL 1.34%
Natural Gas : $3.1/MMBtu 1.63%
Updated in last 24 hours