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Austrian Oil and Gas Industry Headlines

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.

Yesterday

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

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

Hungarian Energy Group MOL Eyes Station Chain Acquisition in Austria

Hungarian oil and gas group MOL wants to resume filling station business in Austria, from which it withdrew last year, CEO Ferenc Horvath said as cited in the daily WirtschaftsBlatt.

May 17, 2016

OMV Head Seele: We Focus on Cash and Costs

2016 has seen strong declines of oil and gas prices, OMV head Rainer Seele commented during the presentation of the oil and gas group’s Q1 results. The average Brent oil price was at USD 34 per barrel, which was by 37 percent less than a year ago.

May 12, 2016

OMV Seen Posting EUR 168 Mln Clean CCS Net Profit in Q1

Listed oil and gas group OMV will likely post EUR 168 million (USD 191.4 million) clean CCS net profit in Q1, down by 29 percent y/y, shows the consensus of analysts surveyed ahead of the publication of the quarterly statements slated for Wednesday.

May 9, 2016

OMV About to Relaunch Activities in Iran, NIOC Agreement Ready

After the suspension of sanctions imposed on Iran by the West, Austria’s oil and gas group OMV is busy with the relaunch of activities in that country which the Austrians find particularly promising. OMV signed a Memorandum of Understanding (MoU) with its Iranian peer NIOC in Teheran.

May 4, 2016

22k Households Change Energy Provider in 2016 Campaign of Consumer Association

22k Austrian households switched to another electricity and/or natural gas provider in this year's campaign of consumer association VKI, a clear increase on some 12.5k in 2015.

May 3, 2016

OMV Gets Green Light from EC for Full Takeover of unit EconGas

Listed oil and gas group OMV got the green light from the European Commission for the takeover of the remaining stake in its gas distribution unit EconGas, the EC said Monday.

May 2, 2016