Before the uprising, Libya accounted for about a 10th of OMV’s total production. However, between March and November 2011, the energy group’s production in the country ground to a halt.
Although OMV cautioned that the situation in the North African state remained “volatile”, its hydrocarbons industry is recovering, and this helped OMV boost its total daily production of oil and natural gas liquids 13 per cent in 2012.
But the group’s total daily gas production fell 2 per cent due to declines in Pakistan and Romania.
OMV’s total daily production of oil, NGL and gas was up 5 per cent.
Gerhard Roiss, chief executive, said that in addition to the Libyan recovery, OMV had benefited from “stabilised, on-target production in Romania and Austria”.
Overall, OMV posted revenues of €42.6bn, compared with €34bn in 2011. Meanwhile the group’s net profits increased 26 per cent to €1.4bn, or €4.18 per share. OMV proposed a dividend of €1.20 per share, up from €1.10 in 2011.
Mr Roiss said he was convinced that OMV was “fit for the future”, and would continue to deliver profitable growth, citing a deepwater gas discovery in the Romanian Black Sea and OMV’s acquisitions in Norway last year as drivers.
OMV bought a 20 per cent stake in the Edvard Grieg oilfield development in October and a 15 per cent stake in the Aasta Hansteen development in July, and said that over the coming 12 months it would plough “a big part” of its capital expenditure into those projects.
The group, which sold its marketing subsidiary in Bosnia-Herzegovina in November, also said it would press ahead with a divestment plan aimed at raising €1bn by 2014.
OMV expects its production levels in the coming year to be “broadly similar to 2012”, but said its refining margins were likely to fall to “more modest” levels, after reaching highs in 2012. It expects the average Brent oil price to remain above $100 a barrel.
Shares in the company fell 1.15 per cent to €30.60 in early morning trading in Vienna.
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