Central European Oil Firms See 3Q Profit Boost

Oil sector analysts at investment bank Jefferies noted that, although forward growth projects remain on track at OMV, the firm's production target of 400,000 boepd by 2016 "may not be reached given the review of forward capital spending".

MOL Group said that its sharp increase in profit came mainly from a "huge improvement" in its downstream operations, but that it had managed to reverse the decline in its upstream activities.

MOL Chairman and CEO Zsolt Hernádi said in a company statement:

"This was a strong quarter for MOL with lots of good news. As forecasted, upstream production reverted to growth and we see significant upside potential in the coming quarters as well. A major breakthrough supporting this assumption is the official approval of the Akri-Bijeel Block field development plan [in Iraqi Kurdistan].

"As far as downstream is concerned, I'm glad to say that MOL achieved one of its best ever quarterly results. This is not only the reflection of a seasonally better environment but also clearly demonstrates our successes in continuous efficiency improvements."


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