Libya Boosts OMV Profits

In its third quarter results, Austria energy company OMV had the following comments on its operations in Libya:

Clean EBIT increased by 28% to EUR 617 mn, mainly due to higher sales volumes in Libya and favorable FX effects which more than offset the lower oil price and higher exploration expenses (EUR 179 mn vs. EUR 67 mn in Q3/11).

Total OMV daily oil and NGL production increased by 24%, mainly reflecting the production from Libya, which is still close to pre-crisis levels and was missing in Q3/11 due to the armed conflict in the country. Total OMV daily gas production was down 4% vs. Q3/11 due to lower contributions from Pakistan (natural decline in Sawan and capacity constraints in the processing plant for Latif volumes) and Austria (after a full TÜV shutdown at the gas processing plant Aderklaa in Q2/11, gas production was coming back above average in Q3/11). The total sales quantity increased by 9% mainly due to sales volumes in Libya which were not contributing in Q3/11.

In Libya, production is expected to stay at current levels for the time being.

Gerhard Roiss (pictured), CEO of OMV, commented:

"In the first nine months of this year, we managed to deliver a strong operating performance with production in Libya, and also in Yemen since Q3/12, back on stream."

(Source: OMV)

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