OMV has released its financial and operational results for the second quarter and first half of 2014.
Highlights
- Production increased to 304,000 boepd in H1 2014
- Q2 results were impacted by production shut-ins in Libya
- Hanssen oil discovery reconfirmed Wisting area potential in the Barents Sea
- Domino-2 well was spudded in the Black Sea
- Refinery portfolio optimisation completed with the sale of the company’s Bayernoil stake
- Modernisation of the Petrobrazi refinery was finalised
Comments
Commenting on the results, Gerhard Roiss, CEO, said: “In the first half of 2014, our results were adversely impacted by lower refining margins, a weaker US dollar and political instability in Libya and Yemen. Despite this instability, our production level increased compared to the same period of last year, following the contribution of acquired assets in Norway.
“We continued to pursue our focused strategy throughout all our business segments. In E&P, the oil discovery at the Hanssen appraisal well reconfirmed the potential of the Wisting area in Norway. Additionally, the Domino-2 well in the Black Sea is currently drilling with the target to confirm our significant gas discovery. With the closing of the Bayernoil refinery sale, we have completed the biggest step in our R&M divestment program.
“Further, the modernisation of the Petrobrazi refinery is now complete which will further enhance our competitiveness. In G&P, we are reviewing our asset portfolio in order to increase profitability. Our participation in the South Stream project will play an important role in the future to safeguard the security of gas supplies for Europe and, particularly, for Austria.
“I am looking forward to the second half of the year where major E&P projects like Gudrun and Maari Growth will ramp up production to deliver our targets.”
Adapted from press release by Katie Woodward