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Austrian oil firm OMV tilts to E & P

September 22/2011

(Arabian oil and gas) -- Austrian oil firm OMV wants exploration and production to account for the majority of its business within ten years, up from just over a third now, Reuters quoted its new chief executive Gerhard Roiss as saying.

The company added it could divest up to 1 billion euros (USD 1.37 billion) worth of refining and marketing assets by 2014, and expects production growth of up to 4%, including acquisitions, by 2016.

OMV had said on 10 August that production this year was expected to remain below the 2010 level of 318,000 barrels of oil equivalent per day, due to civil unrest and conflict in North Africa. The Libyan conflict hit OMV hard, as the country accounts for around 10% of OMV's total production.

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