FINANCIAL NEWS

OMV Q1 output down by Libya, Yemen conflict

29 Apr 2011

(MENAFN) OMV, Austria’s oil and gas group, said that its oil output decreased from 320,000 barrels of oil equivalent per day (boed) in the previous quarter to 304,000 in the first quarter due to a shortfall resulting from the conflict in Libya and Yemen, reported Arab News.

The company added that during this year’s first quarter, Libya produced 18,000 barrels of oil per day (bpd) compared with 32,000 bpd in the previous quarter before the conflict starts. Adding that in 2010, Libya provided tenth of its global production of 318,000 boed.

It also said that last year, Yemen supplied 6,600 boed, whereas production there stopped last month due to an attack on an export pipeline.

On the other hand, Italian group Eni, the biggest foreign oil operator in Libya said its first quarter production decreased about 9 percent due to turmoil in Libya and would expect a decline in its output this year since all its production facilities there were shutdown.

It is worth noting that OMV’s reference refining margin, narrowed to USD2.30 pb in the first quarter compared to USD3.48 in the previous three months, whereas total refining sales were 4.49 million tons.

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