Libya, UK help OMV Q4 output rise

Output from Libya helped Austrian energy group OMV boost production slightly quarter on quarter despite the absence of supplies from Yemen amid political unrest there.

OMV's fourth-quarter production edged up to 289,000 barrels of oil equivalent per day (boed) from 283,000 in the previous quarter, it said in a trading statement on Friday.

"Overall production increased compared to the previous quarter, mainly due to the resumption of production in Libya in November (average production in Q4 2011 of approximately 10,000 boe/d) and a rise in production in the UK," it said.

Libya had provided a tenth of its global output of 318,000 boed in 2010 before a civil war halted production last year that is now coming back on line.

Yemen had provided 6,600 boed in 2010.

The group's refining margin, an indicator of profitability, widened to $1.77 per barrel in the third quarter from $1.74 in the previous three months. Total refining sales were flat at 4.93 million tonnes.

(Source: Reuters)

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