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OMV appoints new CFO to its team

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

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

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

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

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.