OMV Q1 RISE
Austrian oil and gas company OMV's first-quarter production rose 12 percent thanks to Norwegian assets bought from Statoil and a partial return of Libyan production.
Output rose to 311,000 barrels of oil equivalent per day (boe/d) from 277,000 in the fourth quarter, also helped by a resumption of production after a shutdown in New Zealand and the completion of development projects in Pakistan, OMV said.
OMV's refining margin rose to $1.63 per barrel, an improvement over the fourth quarter's $1.16 but still well below the $3.01 of a year earlier as economic weakness continued to hurt European oil demand.
"The improvement, however, was more than offset by lower sales volumes, a lower domestic market price level in Germany and the longer than planned turnaround in Bayernoil," OMV said on Wednesday, referring to the German refinery it is selling.
OMV said production in Libya, which accounted for about 10 percent of the company's output before the 2011 uprising that toppled leader Muammar Gaddafi, was hit by security issues again in the quarter and had been shut in since mid-March.
It added that its gas margin in Turkey was negative in the quarter due to higher supply costs resulting from the unfavourable dollar-lira rate.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.