In Gas and Power, OMV sold approximately 437 TWh of gas in 2012. OMV operates a 2,000 km long gas pipeline network in Austria with a marketed capacity of around 103 bcm in 2012. With a trading volume of around 528 TWh in 2012, OMVs gas trading platform, the Central European Gas Hub, is amongst... More
Friday, Nov 222013, 5:56 PM
Friday, Nov 222013, 5:56 PM| Comment!
- OMV (OMVJF, OMVZY) had "been vocal" in pressing its operatorship partner Chevron (CVX) to put the U.K.’s Rosebank project on hold pending a review of the development’s scope and costs.
- "We have been telling Chevron we think this can be better. Chevron has been managing this out of Houston, probably not the best decision," OMV CFO David Davies says; CVX was focused on other projects, and Rosebank was less material, but it is a critical project for OMV, especially after it recently acquired an additional 30% stake from Statoil to take its total stake to 50%.
- CVX says a final investment decision will come next year on the field estimated to hold 240M barrels of recoverable oil - a lot of oil, but the company may feel it is relatively small for the billions of dollars in further investments needed to produce it.
Friday, Sep 62013, 8:16 AM
Friday, Sep 62013, 8:16 AM| Comment!
- Austrian oil and gas company OMV (OMVJF.PK) says it discovered up to 164M barrels of oil and up to 40B cf of gas in the Barents Sea, and the license area in which the find was made could hold up to 500M barrels, in the northernmost discovery in Norway's Arctic.
- The find is a big boost for the region after Statoil (STO) put its 600M bbl, $15.5B Johan Castberg project on hold earlier this year because of rising costs.
- OMV holds a 25% stake in the license, Idemitsu Petroleum Norway holds 20%, Petoro 20%, Tullow Oil (TUWLF.PK, TUWOY.PK) 20% and Statoil 15%.
Tuesday, Aug 202013, 3:10 PM
Tuesday, Aug 202013, 3:10 PM| Comment!
- Clashes erupt at oil terminals in eastern Libya, as tensions mount in the region.
- The forced closure of Libya's key oil ports by striking guards and workers has more than halved the country's oil production to ~600K bbl/day in recent weeks; oil usually is exported from Libya through a partnership between state-run NOC, Occidental Petroleum (OXY) and OMV (OMVJF.PK).
- Libya's coast guard yesterday stopped a tanker from entering at the Es Sider terminal amid fears gunmen are trying to market oil outside government control; the port exports oil from concessions run by Libya's NOC with Marathon Oil (MRO), ConocoPhillips (COP) and Hess (HES).
Monday, Aug 192013, 2:45 AM
Monday, Aug 192013, 2:45 AM| 4 Comments
- Statoil (STO) has agreed to sell stakes in key offshore Norwegian fields to Austrian company OMV (OMVJF.PK) for $2.65B.
- Under the deal, Statoil's holding in the Gullfaks field will drop to 51% from 70%, and in the Gudrun field to 51% from 75%. The Norwegian company is also exiting two other fields near Scotland.
- The transaction includes a contingent payment as well and a partnership between the two companies.
- Statoil expects to recognize a gain from of $1.3-1.5B from the deal, which will allow it to reallocate $7B of capital expenditure. (PR)