OMV Q4 Output Up from Q3, But Lower Than a Year Earlier
OMV AG said that its overall oil and gas production in the fourth quarter of 2007 was 323,000 barrels of oil equivalent per day (boepd), up from 317,000 boepd in the preceding quarter, but down from 329,000 boepd at the same time a year earlier.
In its trading statement for the fourth quarter, OMV said its 2 pct production volume gain against the preceding quarter reflected higher gas volumes in Pakistan and Austria, while Romania delivered stable oil and gas volumes.
The Austrian oil and gas conglomerate said it expects the negative price differential between Brent and its realised crude price to be smaller in the fourth quarter than during the preceding three months, while exploration expenditures are likely to be "significantly" higher in the final quarter.
OMV will release its fourth-quarter results on Feb 26.Copyright 2008 AFX News Limited. All Rights Reserved.
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