OMV Profit Down on Libyan Unrest

Austria's OMV said has reported its fourth-quarter operating profit more than halved as production and sales in Libya dropped to almost nothing due to repeated disruption from oil-field protests and port blockades.

According to Reuters, production is now running at about 70 percent of pre-civil war levels, OMV said, and reaffirmed its 2014 group production target range of 320,000 to 340,000 barrels of oil equivalent per day (boe/d).

Libya accounted for about 10 percent of OMV's production before the 2011 uprising that toppled Muammar Gaddafi.

OMV said it lost one-third of its production in Libya last year, it produced almost nothing there in the fourth quarter and the security situation remained very hard to predict.

(Source: Reuters)

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