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Austria

Oil & Gas

OMV may shed Turkish plant as it looks to Russia

Further writedowns on Austrian oil and gas group OMV's ailing Samsun gas power plant in Turkey are possible and the facility could be sold, the head of OMV's downstream division, Manfred Leitner, told Reuters. OMV this month booked an impairment of 205 million euros ($227 million) at Samsun, where regulatory measures are weighing on margins. "I wouldn't rule out further impairments in the future," Leitner said in an interview late on Tuesday, adding he did not expect more writedowns this year at Samsun, which now has a book value of around half its original 600 million euro price tag.

Oil & Gas

Austria’s OMV eyes Russia for exploration boost

Austrian oil and gas group OMV's new chief executive is looking towards Russia for low-cost energy sources to boost the company's upstream business, which has been squeezed by low crude prices. Though OMV's downstream refining and marketing operations bolstered second-quarter results posted on Wednesday, CEO Rainer Seele cast a wary eye over margin prospects for that side of the business and sees exploration as key for the longer term. OMV has placed its bets on expensive but stable exploration projects in the North Sea as output in Yemen and Libya stalls, and Seele is keen to maintain the upstream focus.

Oil & Gas

OMV sees first oil from Maari campaign

An Austrian energy group has drawn its first oil from a drilling campaign in New Zealand. OMV said that well MR-8A, which is part of the Maari redevelopment drilling campaign, has an estimated production capacity of 4,500 barrels of oil per day. The firm will invest €205million in the campaign which has five drills producing new reservoirs.