OMV posted a 52% increase in its profit.
The firm recorded an operating profit of £932.9million for it’s third quarter.
The firm’s daily production totaled 341,000boepd, an increase of 40,000boepd. Production costs were cut 13% to $8.8boe.
During the third quarter, OMV closed the sale of its 50% stake in the Ashtart oil field, in the Gulf of Gabes, Tunisia, as well as its 50% stake in the operating company SEREPT to Perenco. OMV’s average net production from Ashtart was 3,000 boe/d in 2016.
The firm also settled a dispute with the Kurdistan Regional Government of Iraq and Dana Gas PJCS, Crescent Petroleum and Pearl Petroleum Company Limited (“Pearl,” OMV share 10%) regarding terms under the Heads of Agreement on the Khor Mor and Chemchemal fields. OMV’s Upstream clean Operating Result was positively impacted by about EUR 90million in the third quarter. As a result of the settlement, OMV received EUR 50million in the form of a dividend from Pearl, while the remainder was put into a dedicated account for future investments in Khor Mor.
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