October 9, 2019 / 6:36 AM / 6 days ago

OMV output dips in third-quarter, refining margin up due to travel season

FILE PHOTO: The logo of Austrian oil and gas group OMV is seen at a gas station in Vienna, Austria, October 30, 2018. REUTERS/Heinz-Peter Bader/File Photo

VIENNA (Reuters) - Austrian group OMV’s (OMVV.VI) oil and gas output decreased slightly in the third quarter due to maintenance work in Russia and as the previous quarter’s catch-up effects from production in Libya dissipated.

Output fell to 480,000 barrels of oil equivalents per day (boe/d) from 490,000 boe/d in the second quarter.

OMV is a partner at Libya’s largest oil field, El Sharara, which in the past had to shut down repeatedly due to protests by tribesmen and oil workers. Oil that could not be delivered in the first quarter due to sabotage of the main pipeline was delivered in the second quarter.

OMV is aiming for an average production rate of 35,000 barrels of oil per day in Libya and has an overall output target of close to 500,000 boe/d this year.

The company’s third-quarter refining margin rose to $5.46 per barrel from the $3.18 in the second quarter, helped by higher demand for diesel and jet fuel in the summer season, according to a spokesman.

Reporting by Kirsti Knolle; Editing by Tassilo Hummel and Michael Shields

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