January 14, 2020 / 8:02 AM / a month ago

OMV tops 500,000 boe/d output target for first time

VIENNA, Jan 14 (Reuters) - Austrian oil and gas group OMV reached its longstanding output target of 505,000 barrels of oil equivalent per day (boe/d) for the first time in the fourth quarter but saw its refining margin decline.

OMV’s oil and gas output in the three months through December reached 505,000 boe/d, up 5% from the third quarter and up 13% year on year, it said on Tuesday.

It was helped by greater diversity in production, including Russian gas, stakes in two Abu Dhabi oilfields, and a 15% stake in Norway’s Aasta Hansteen gas field.

OMV’s output has been hampered by disruptions in Libya. The company is aiming for an average production rate of 35,000 barrels of oil per day there.

By 2025 it aims to produce 600,000 boe/d in total.

Its fourth-quarter refining margin - its earnings from turning crude oil into fuel and petrochemical products - fell to $5.02 per barrel from $5.46 in the third quarter due to ample supply after a global expansion in production capacity. (Reporting by Kirsti Knolle; editing by Jason Neely)

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