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OMV says Libya output close to pre-crisis levels

Austrian energy giant reports says overall production up, mainly due to North African revival

Reuters, Friday 20 Jul 2012
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Austrian energy group OMV said output increased in the second quarter, mainly due to a continuing recovery in Libya, where production was now close to the level it had been before an uprising that toppled Muammar Gaddafi.

Total production rose to 305,000 barrels of oil equivalent per day from 299,000 in the previous quarter, also helped by higher production in New Zealand, OMV said in a trading statement on Friday.
 
Libya had provided a tenth of OMV's global output in 2010 before a civil war halted production last year.
 
"This increase was, however, partly offset by lower production in Romania (lower contribution from two gas fields) and Austria (planned shutdown in Aderklaa)," OMV said.
 
The company's refining margin leapt to $4.15 per barrel from $1.85 in the first quarter, thanks to decreasing crude oil prices and strengthened gasoline spreads. Refining sales edged up to 4.61 million tonnes from 4.55 million.
 
It releases full quarterly results on 8 August.
 
OMV said its results would contain net special charges of around 140 million euros ($172 million), mainly related to an impairment for its Strasshof gas field in Austria and personnel restructurings in Romania and Austria.
 
It also said oil price swap hedges had had an adverse effect on its operating profit of 32 million euros in the quarter.
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