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Austrian Oil and Gas Industry Headlines

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.


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

Fourteen CEE Countries Sign MoU on Integrated Gas Market

Austria and thirteen other European Union and Energy Community countries in Central Eastern Europe and South East European regions signed a memorandum of understanding in Dubrovnik on joint efforts to build up gas infrastructure links and resolve technical and regulatory issues in order to create an integrated energy market in the region.

July 10, 2015

Due to Nabucco Termination IT Service Provider Files for Insolvency

In the aftermath of the termination of the Nabucco project, IT service provider Danube IT Service GmbH was forced to file for insolvency.

July 10, 2015

SBO Shares Plunge After Weak Outlook

Shares in Schoeller-Bleckmann Oilfield (SBO) recorded a strong drop on Wednesday afternoon. Earlier the head of SBO, Gerald Grohmann, said in an interview for APA that both the second quarter and the whole year may be negative for the provider of oil field equipment.

June 24, 2015