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. [2]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".  [3]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. [4]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.

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