CEO: OMV Further Ramping Up Norway Production

Reuters

VIENNA, May 19 (Reuters) – Austrian oil and gas group OMV is further ramping up production in the North Sea around Norway, with output having hit 50,000 barrels of oil equivalent per day (boe/d) there, Chief Executive Gerhard Roiss told shareholders on Tuesday.

Roiss had said earlier this month output in Norway, where OMV had no production in 2010, was between 40,000 and 45,000 boe/d.

A slump in oil prices forced OMV last year to slow down its investment programme and throw its target to produce 400,000 boe/d by 2016 over board. It produced 309,000 boe/d last year. Production stops in Libya and Yemen due to security problems have pushed OMV to move into more expensive markets in the North Sea.

(Reporting By Shadia Nasralla; Editing by Michael Shields)

 

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