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Libyan oil production gives OMV a boost

Feb. 22, 2013 at 6:43 AM   |   Comments

VIENNA, Feb. 22 (UPI) -- Austrian energy company OMV said its financial performance received a boost in part from the return of oil production in Libya.

OMV reported its daily oil and natural-gas liquid production in Libya increased 11 percent. The company said fourth quarter production had resumed marginally during the fourth quarter following armed conflict in the country. Production was disrupted in December because of labor strikes.

OMV Chief Executive Officer Gerhard Roiss said Libyan oil production helped produce a 30 percent increase in profits, beating analyst's expectations.

"In 2012, we managed to deliver a record financial performance while successfully progressing our strategy," he said in a statement. "We benefited from the return of production in Libya and from a stabilized, on-target production in Romania and Austria."

Libyan oil production had rebounded close to its pre-war level of around 1.6 million bpd but has since declined. The Organization of Petroleum Exporting Countries said that, as of Jan. 20, Libya was producing around 1.4 million bpd, down from a high of around 1.48 million bpd reported for November.

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