OMV AG has produced more oil in the past months, according to the company’s latest trading statement.
The Viennese company – one of the most powerful players on Central and Eastern Europe’s (CEE) energy sector – said today (Fri) it produced 283,000 barrels of oil a day in the third quarter of 2011, up from 275,000 in the previous quarter. OMV added that it sold around as much gas in the third (4.79 billion cubic metres) as in the second (4.69 billion cubic metres) quarter of this year.
OMV’s oil output is expected to rise further in the coming months as activities in Libya may restart soon following the revolution in the North African country. OMV, in which Austria has a stake of 31.5 per cent via Industry-Holding Stock Corporation ÖIAG, withdrew most of its staff from Libya around half a year ago. The firm said some weeks ago it could imagine to restart drilling and other activities in the country due to developments towards democracy. Chances for a full-scale comeback of OMV are seen as higher than ever before following the killing of dictator Muammar al-Gaddafi. His death was reported yesterday.
Around 26 per cent of Austria’s oil imports came from Libya in the first 11 months of 2010, according to a report by the Kurier in February. The paper disclosed that oil from Kazakhstan took the lion’s share at 27.7 per cent, with oil shipped from Libya to the alpine country in second. Austria imported nearly six million tons of oil between January and November of last year.
OMV has over 31,000 employees in Austria and abroad. The company – which owns a majority share in Romanian oil firm Petrom and Turkish petrol station chain Petrol Ofisi – managed a turnover increase of 46 per cent to 16.03 billion Euros from the first half of 2010 to the same time span of the current year. OMV has been headed by former vice chief Gerhard Roiss since April. He succeeded Wolfgang Ruttenstorfer who was in office for nearly 10 years.