Libyan oil helps push 'OMV' profits higher
The Austrian oil and gas company OMV, which is part-owned by Abu Dhabi, posted a 25 per cent jump in revenues after reviving production in Libya that had been wiped out during the 2011 uprising that ousted the Gaddafi regime from power.
Thanks to Libyan fields that had been completely shut-in for eight months during 2011 uprising getting back online, OMV's overall oil and gas production increased by 5 per cent last year. However, it cautioned, that the security situation in Libya remained "volatile".
Early this year, strikes in Libya also contributed to an overall drop in the country's production to 1.2 million barrels per day (bpd) from recovery levels of 1.6 million bpd.
Gerhard Roiss,OMV's chief executive said his company benefited from the return of production in Libya and from a stabilised, on-target production in Romania and Austria. “We managed to deliver a record financial performance while successfully progressing our strategy,” he said.
The emirate's International Petroleum Investment Company (Ipic) owns a 24.9 per cent stake in OMV, which is also a joint investor with Ipic on Borealis, the Austrian petrochemicals producer. Borealis, in turn, is a joint venture partner with Abu Dhabi National Oil Company on the emirate's specialised polymers producer, Borouge.
OMV said it would proceed with its goal of shedding €1 billion (Dh4.86bn) worth of refining and chemicals assets by next year, and would dedicate much of this year's €2.8bn planned capital expenditure on newly acquired gasfields in Norway.
It forecast that Brent crude, the European benchmark, would continue trading above US$100 a barrel.