Austrian energy group OMV has posted an 82% quarterly profit hike after Libyan production continued to progress and refining margins rose on lower oil prices.
In a statement to the Austrian bourse, OMV said EBIT earnings on a CCS basis for the second quarter were EUR 865 million ($1.07 billion).
The company, which has around 10% of its upstream output in Libya, says the country’s oil production is close to pre-war levels of around 1.6 million barrels per day, which is expected to hold. Meanwhile, production in Yemen has restarted, after a pipeline attack halted exports.
OMV’s debt burden shrank to from 34% of equity to 31%, and first half net profit rose 14% on the year to EUR 735 million.
Together with Wintershall, the company also signed an upstream contract with Abu Dhabi to appraise the sour gas and condensate field in Shuwaihat, located some 25 km to the West of Ruwais in the Western Region of Abu Dhabi.
“In the first half year of 2012, we continued our strong operating performance despite a very volatile political and economic environment,” said Gerhard Roiss, OMV CEO. “The implementation of our strategy which focuses on growth in upstream is taking shape.
“All in all, I am glad to see our strategy implementation is gathering pace.”
