• Natural Gas News

    Austria's OMV Sees Prices, Output Up


Austria's OMV has reported higher output and higher commodity prices year on year in Q4, in a trading update.

by: William Powell

Posted in:

Natural Gas News, Europe, Corporate, Exploration & Production, Financials, News By Country, Austria, Russia

Austria's OMV Sees Prices, Output Up

Austrian integrated energy firm OMV reported higher output and higher commodity prices in Q4 2017 than the year before in a trading statement January 12. The average gas price was up about 16% at €14.2/MWh and it sold 31.12 TWh (2.9bn m3), up from the year before's 29.78 TWh.

The average crude price over the quarter was up by a little over a fifth at $61.2/barrel. Output in Q4 was also up 20% year on year, at 377,000 barrels of oil equivalent/day, although a chunk of that came from Russia with the Yuzhno Russkoye field, part of its portfolio since December 1 2017. And also since the start of 2017 OMV has included Pearl Petroleum's Kurdish gas output in its figures, it said.

Gas continues to account for about half of OMV's hydrocarbon output, at 197,000 boe/d in Q4 2017, compared with 156,000 boe/d out of 315,000 boe/d in Q4 2016.

OMV Petrom, the Austrian firm's Romanian affiliate, contributed 165,000 boe/d, just under 44% of OMV's total 377,000 boe/d production in Q4 2017 .

OMV's definitive Q4 and full year 2017 results will be published February 21.