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Austrian Oil and Gas Industry Headlines

Oil Producers in North Sea Affected by Low Prices

OMV, Wintershall, Statoil and Conoco-Philips have seen a backlash in the North Sea, as the gas field Aasta Hansteen off the Norwegian coast had to put off production launch due to technical issues, the government in Oslo reported.

October 7, 2015

OMV Romanian Unit Petrom to Dual-List in London by End-2016

Listed oil and gas giant OMV plans to float its Romanian unit OMV Petrom on the London Stock Exchange, Agerpres agency writes citing the decision of yesterday's shareholder meeting. OMV Petrom is already listed in Bucharest.

September 23, 2015

Voestalpine Steel Wins Pipeline Contract in Abu Dhabi

Listed steel group Voestalpine won a pipeline contract in the United Arab Emirates for the delivery of 95k tonnes of tube plates for a natural gas project in Abu Dhabi by spring 2016, Voestalpine said.

September 14, 2015

OMV Participates in Upgrade of Nord Stream - Agreement Signed

OMV will participate in the multi-billion expansion of the gas pipeline Nord Stream through the Baltic Sea, the head of OMV Rainer Seele announced at Eastern Economic Forum in Vladivostok. The company has signed an agreement concerning the project. A letter of intent on the subject was signed already back in June.

September 4, 2015

OMV Lodges Complaint with World Bank Arbitration Court

Listed oil group OMV has lodged a complaint with the arbitration court of the World Bank, against Turkish PM Ahmet Davutoglu, economic magazine trend reported. The dispute pertains to damage the company incurred to the shutdown of the Nabucco gas pipeline project between Azerbaijan and Austria.

August 31, 2015

OMV Wants to Muck Out for Russian Expansion

Austria’s listed oil and gas group OMV wants to clear out before pulling in on new shores: the company wants to get rid of gas-fuelled power plant Samsun on the Turkish coast, which costs OMV millions in write-downs.

August 19, 2015

OMV CEO Rainer Seele: No Prospects of Quick Recovery

OMV is facing strong head wind: the oil price has plummeted, the market is struggling with excess output capacities and production of OMV in Yemen and Libya is on a standstill. And nothing indicates that the situation will change anytime soon. OMV CEO Rainer Seele said during the presentation of H1 results that there were no prospects for a swift recovery.

August 12, 2015

OMV Q2 EBIT Down 4 Pct Y/Y as Revenues Fall on Lower Crude Price

Listed oil and gas group OMV saw its Q2 EBIT fall by 4 percent y/y to EUR 222 million (USD 245 million) as revenues dropped by 38 percent on further decline of oil prices, the group said in financial statements out Wednesday presession.

August 12, 2015

Lukoil Concentrates International Business in Vienna

Russia’s Lukoil is concentrating its non-Russian business in Vienna. Via its local arm in charge of international business the oil group will generate USD 40 billion (EUR 36.5 billion), the company announced. The whole group generated last year USD 144 billion.

August 3, 2015

OMV Produced More Oil in Q2, Oil Prices Good for Performance

Listed resources group OMV produced more oil and gas in Q2 2015, in spite of continuing production standstill in Yemen and Libya. The increase has been attributed to output hikes in Norway and New Zealand.

July 23, 2015