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OMV upbeat about Libya, Yemen in 2012

Feb. 22, 2012 at 7:59 AM   |   Comments

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VIENNA, Feb. 22 (UPI) -- Austrian energy company OMV said in its earnings report that it aimed to return Libyan crude oil production to pre-war levels in 2012.

A NATO-led military operation in Libya curtailed oil production from one of North Africa's top oil-producing nations. Most energy companies operating there had restarted work in the country by mid-summer, however.

OMV said its crude oil production in Libya was around 50 percent -- roughly 17,000 barrels per day -- of pre-war levels by the end of December.

"In the international portfolio, OMV will seek to bring Libyan production back to pre-crisis level and beyond," the company said in a statement.

In Yemen, the company said the security situation "remains uncertain" but added "negative external influences" in the country aren't expected to be "as significant" in the year ahead.

In late 2010, al-Qaida in the Arabian Peninsula was blamed for a raid on the Yemeni headquarters of OMV.

"The year was dominated by the Arab spring which led to high oil prices on the one side but missing volumes from Libya and Yemen on the other," OMV Chief Executive Officer Gerhard Roiss said.

"Despite this challenging environment we achieved a strong operating result above last year's level and strengthened our company's financial position to make it fit for the years to come."

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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