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FINANCIAL NEWS
Austrian OMV plans to lift Yemen oil output
14 Jan 2015
(MENAFN) Austrian energy group OMV and its partners said that they are planning to boost oil output from Yemen by 50 percent if conditions allow, Gulf Daily News reported.
The company said that its plans to raise production to 30.000 barrels per day from 20.000 on average are now depending mostly on the company taking the right security measures to protect its people and property
“Higher production depends on the security situation and oil prices playing a role,” Senior Vice-President for the Middle East and Caspian said on the sidelines of a conference.
The plans to raise output would be implemented on the Yemeni oil field, in which OMV has a 30 percent stake, and will result in the company producing 11.000 barrels per day, up from 7.000 now.
OMV, which has operations in the Middle East region in Yemen, Pakistan, Iraqi Kurdistan and the UAE, also said that its subsidiary in Pakistan is currently producing 60.000 barrels of oil equivalent per day
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