Austrian oil and gas firm OMV has posted forecast-beating first quarter results, buoyed by resurgent Libyan oil production.
CCS earnings before interest and tax rose 9 percent to EUR 800 million ($1.04 billion), compared with a forecast for EUR 755 million in a Reuters poll.
“In Libya, production has quickly returned to approximately 85% of pre-crisis levels and these volumes contributed positively to the operating result in Q1/12,” said Gerhard Roiss, OMV CEO. Libya accounted for 10% of OMV’s revenue before the war.
Oil production rose 10,000 barrels per day over the previous quarter.
OMV holds 12 exploration and production licences and petroleum contracts in Libya.
