Libya crisis hits OMV's first-quarter output

Austrian oil and gas giant OMV said Thursday that its oil and gas production was down in the first quarter as a result of the current situation in Libya. OMV said in a statement that oil and gas output stood at a daily average of 304,000 barrels in the period from January to March, down from 320,000 barrels per day in the fourth quarter of last year. "Overall production is down compared with the fourth quarter of 2010 as a result of the current political situation in Libya and in Yemen," the company explained in its quarterly trading statement.
OMV's output in Libya itself averaged 18,700 barrels per day so far this year, compared to an average 32,800 barrels per day in 2010, or 10 percent of overall group production. "Output in Libya was normal until February 20." The current protests against the regime of Moamer Kadhafi began in mid-February.
"Production in Yemen has been halted since March 14 owing to an attack on a pipeline," the Austrian company said. Output in the Gulf state averaged 6,600 barrels per day in 2010. To make up for the shortfall in production there, OMV said it has boosted output in Romania, without providing any concrete figures.