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Friday, 29 May 2020

Libya, Yemen weigh on OMV Q3 production

Sites in Austria and New Zealand helped oil and gas group OMV raise production slightly quarter on quarter but ongoing unrest in Libya and Yemen kept overall volumes muted

Reuters, Friday 21 Oct 2011
OMV Group
Photo: Reuters
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Views: 1861

OMV's third-quarter production rose to 283,000 barrels of oil equivalent per day (boed) from 275,000 in the previous quarter, it said in a trading statement on Friday.

In Yemen, a repaired export pipeline that reopened in July had been damaged again, it said. "A subsequent attack has...again taken it out of commission." Yemen provided 6,600 boed in 2010.

It is still facing difficulties in Libya, which provided a tenth of its global output of 318,000 boed last year.

Chief Executive Gerhard Roiss told Austrian newspaper Kurier on Friday that it could take one to two years for Libyan production to reach pre-war levels.

OMV said on Thursday that it had been unable to examine fields on a recent visit.

The group's refining margin, an indicator of profitability, widened to $1.74 per barrel in the third quarter from $1.51 in the previous three months thanks in part to demand for driving fuel. Total refining sales were 4.94 million tonnes.

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