OMV eyes shift towards E&P

epa01013024 (FILE) A file picture dated 06 March 2007 shows Austrian energy company OMV's logo at the company's headquarters in Vienna. The United States are determined to keep up pressure against the Austrian energy company OMV over a planned multi-million gas deal with Iran, media reported on 19 May 2007. EPA/ROBERT JAEGER

OMV: Wants to switch to more E&P business

ROBERT JAEGER

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By News Wires

 21 September 2011 22:41 GMT

Oil and gas group OMV said it planned to gradually to shift its portfolio from refining and marketing to exploration and production and to gas and power, the Austrian company said at its capital markets day in Istanbul according to a report.

OMV wants E&P to make up around 55% of its business in 10 years time versus 35% now, Reuters quoted its new chief executive Gerhard Roiss as saying.

The company added it could divest up to 1 billion euros ($1.37 billion) worth of R&M assets by 2014.

It also said it expects production growth of up to 4%, including acquisitions, by 2016.

OMV had said on 10 August that production this year was expected to remain below the 2010 level of 318,000 barrels of oil equivalent per day because of Arab unrest.

Turmoil in Libya…

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