The latest oil and gas industry and company news and analysis from FriedlNews
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Austrian Oil and Gas Industry Headlines

OMV Oil and Gas Raises Q2 Production Y/Y, Margins Down

Listed oil and gas group OMV expects to raise Q2 2016 production to 316k boe per day from 312k in Q1, but refining margins likely dropped due to the rising crude prices, the company said in a trading statement.

July 21, 2016

OSCE: "Reliable, Affordable and Sustainable Energy Supplies are Prerequisite for Stability and Security"

Energy experts from the OSCE Mediterranean Partners for Co-operation, representing both government institutions and private sector companies, will begin a week-long field study of sustainable energy in Austria and Germany.

July 12, 2016

Ex OMV CEO Ruttenstorfer Interim Boss of RHI

Former OMV CEO Wolfgang Ruttenstorfer has assumed the post of interim chairman of the management board in lieu of sick CEO Franz Struzl. Next to Rutterstorfer, who is also deputy chairman of the supervisory board of RHI, the supervisory board also appointed Barbara Potisk-Eibensteiner for a second five-year term as CFO, with the new term of office commencing in April 2017.

June 27, 2016

Azeri Socar Interested in OMV's Petrol Ofisi

Azeri State-owned oil company Socar is considered interested in the Turkish subsidiary of OMV, the company Petrol Ofisi. The Azeri company will tackle the possible acquisition in September.

June 20, 2016

Peter Löscher to Become Chairman of OMV

Former Siemens CEO Peter Löscher (58) has become new chair of the supervisory board of partially state-owned oil and gas group OMV.

May 19, 2016

Gerhard Roiss Collects EUR 6.35 Mln from former Employer OMV

Listed oil group OMV agreed to pay a total of EUR 6.35 million in various severance payments to its ex-CEO Gerhard Roiss whose contract was terminated early, according to the daily Kurier. Also, OMV is planning to transfer 160,847 treasury shares to management members and senior executives.

March 23, 2016

Italian Gas Infrastructure Company Snam Interested in Austrian Acquisitions

Italian state-run gas pipeline operator Snam, majority owner of Trans Austria Gasleitung (TAG), is mulling growth opportunities in Austria, general director Marco Alvera said, as reported by the media. Acquisitions are an option. According to an earlier statement of SNAM CEO Carlo Malacarne, the group could enter OMV unit Gas Connect.

March 18, 2016

Austrians to Save Some EUR 2.3 Billion Due to Low Oil Price

According to economic research agency WIFO the low oil price has allowed Austrians to save some EUR 2.3 billion (USD 2.6 billion) y/y, based on the reference oil price from 2014. Private households alone saved EUR 800-850 million.

February 25, 2016

OMV CFO David Davies to Be Replaced

CFO of oil and gas concern OMV, David Davies, is rumoured to be replaced before the end of his term of office, Presse daily reported on Wednesday, citing various sources. Apparently, job interviews with his potential successors are already underway. Davies is supposed to stay in office until March 2017.

October 29, 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