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

Palfinger Eyeing Norwegian Offshore Technology Provider TTS

Listed crane manufacturer Palfinger has submitted a bid for Norwegian ship chandler TTS Group ASA, the company announced. Palfinger would like to acquire all shares of TTS, for a total price of EUR 60 million (USD 67.54 million) in cash, though Palfinger would also have to cover debt of the Norwegian firm.

June 21, 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

OMV Key Shareholder IPIC Expects High Profit

Key shareholder of OMV, the UAE state holding, expects a high profit from OMV in the future. IPIC CEO Suhail Mohamed Al Mazrouei told Presse magazine (Thursday issue) in an interview that IPIC wants OMV to be one of the big players.

June 2, 2016

ÖBIB and IPIC Extend, Update OMV Syndicate Agreement

ÖBIB and IPIC, the key shareholders of oil and gas group OMV, updated and extended their syndicate agreement. Head of state holding ÖBIB, Martha Oberndorfer and chairman of IPIC, the state fund of the United Arab Emirates, Suhail Mohamed Al Mazrouei, who is also Energy Minister of the UAE, signed the modified agreement.

June 2, 2016

C.A.T Oil AG Will Be Renamed to Petro Welt Technologies AG

The listed Austrian provider of oil field equipment C.A.T. oil AG will in the future be called Petro Welt Technologies AG. The management and the supervisory board of the company want to recommend this move to the shareholders at the general assembly on June 17 in Vienna.

May 25, 2016

Oil and Gas Production Down in Austria in 2015

The output of crude oil and gas in Austria dropped last year, and more so for EVN subsidiary Rohöl-Aufsuchungs AG (RAG). The total oil production fell by 4.1 percent to 905,932 tonnes, whereas the output of natural gas decreased by 4.3 percent to 1.182 billion cubic metres, the Federal Geological Office (Geologische Bundesanstalt) disclosed.

May 24, 2016

Takeover of EconGas completed

Partially state-owned oil and gas group OMV has completed the takeover of gas trading subsidiary EconGas, following the regulatory approval. The contract for the takeover of shares of EconGas, hitherto held by EVN (16.51%), Wien Energie (16.51%) and Energie Burgenland (2.73%) was signed in December 2015.

May 20, 2016