OMV Cuts Target on Libya Uncertainty

Austrian oil and gas group OMV has blamed the security situation in Libya for the cut in its 2014 production target.

In its statement on Tuesday, the company said:

"The security situation in Libya and Yemen remains very difficult to predict. Whilst production in Yemen has been interrupted only for a few days in 2014, Libyan production was affected throughout the quarter and has been shut in since mid-March.

"Taking into account the year-to-date achieved production performance, the production in 2014 is expected to be in the range of 310-330 kboe/d (the lower end assuming no production from Libya going forward and the upper end representing a return to normalized production levels from Libya going forward)."

Gerhard Roiss (pictured), CEO of OMV, confirmed:

"Libyan operations, however, were again impacted by security issues and production has been shut in since mid-March."

(Source: OMV)

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