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OMV appoints new CFO to its team

19/01/2016

OMV has strengthened its team with the appointment of a new chief financial officer (CFO). Reinhard Florey will assume the position later this year for a three-year period. The company said there will be an option to extend the length of the 50-year-old’s contract for a further two years in addition.

Oil & Gas

DOF Subsea wins $60million upgrade work on Maari FPSO

18/12/2015

OMV has awarded DOF Subsea a contract to complete a mooring upgrade on its FPSO (Floating, Storage, Offloading and Production) vessel in the Maari oilfield. The upgrade work at the Maari system, off New Zealand is expected to cost around $60million in total. It is expected to be carried out between February and April next year and will help future proof the mooring system for the next decade.

Oil & Gas

Aptomar signs deal with OMV

20/11/2015

Aptomar has signed a three-year frame agreement with OMV Norway to deliver integrated field monitoring services for the operator’s future drilling activities. The agreement will see the company report and detect unintended oil spills using its maritime control centre.

Oil & Gas

OMV to be hit with charges of €1billion in its third quarter

19/10/2015

OMV said it has revised its oil price assumption for coming years and will take special charges in the third quarter of the year of around €1billion in its upstream business. The move comes after production fell to 292,000 barrels of oil equivalent per day from 307,000 in the previous quarter and 311,000 in the same quarter last year. The Austrian company said the decline in oil price had “significantly burdened” its performance in the quarter.

Oil & Gas

OMV may shed Turkish plant as it looks to Russia

19/08/2015

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

12/08/2015

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 plugs and abandons Wisting well

15/05/2015

OMV has plugged and abandoned its dry well near the Wisting oil discovery. The purpose of the well was to find petroleum in reservoir rocks from the middle jurassic to late triassic age. It was drilled about 6 kilometres south-east of oil discovery 7324/8-1 'Wisting' in the Barents Sea and 310km north of Hammerfest.

Europe

Wintershall boss moves to OMV

30/03/2015

Wintershall boss Rainer Seele has been appointed chief executive of OMV. The 54-year-old will take up the role from July this year and has signed a three-year contract with an extension option with OMV for a further two years. The current chief executive, Gerhard Roiss, had previously announced his departure from the company.

Oil & Gas

OMV Petrom 2014 profit falls 56% as oil prices prompt Q4 Loss

19/02/2015

OMV Petrom SA, Romania’s largest oil company, said its 2014 net income declined 56% from a year earlier as falling oil prices caused a loss in the fourth quarter. Profit dropped to 2.1 billion lei ($539 million) from 4.8 billion lei in 2013 because of cheaper oil and higher production costs, the company said in a statement to the Bucharest bourse on Thursday. Sales fell 11% to 21.5 billion lei from 24 billion lei. Company turned to a loss of 304 million lei in the fourth quarter compared with a profit of 1.16 billion lei in the last three months of 2013. “In light of the volatile and potentially prolonged weaker market fundamentals, we are scaling back our investment plans for 2015 and have intensified cost optimization programs while maintaining our potential growth projects in the Black Sea,” Petrom Chief Executive Officer Mariana Gheorghe said in the statement.

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