OMV Ramps Up in Norway's North Sea
Austrian oil and gas group OMV is further ramping up production in the North Sea around Norway, with output having hit 50,000 barrels of oil equivalent per day (boe/d) there, Chief Executive Gerhard Roiss told shareholders on Tuesday. Roiss had said earlier this month output in Norway, where OMV had no production in 2010, was between 40,000 and 45,000 boe/d.
Austria's OMV Set to Pick Wintershall's Seele as CEO
Austrian energy group OMV's supervisory board was expected to pick Rainer Seele, chief executive of BASF oil and gas subsidiary Wintershall, as its new CEO on Friday, Austrian newspapers reported on Friday. Der Standard cited unnamed company sources for its report, while the Kurier cited no sources. OMV, Wintershall and the Austrian finance…
Oil Majors Fail to Replace Falling Output
Oil groups produced much more than they found last year; Oil and gas output fell in 2014, echoes trend over past decade. Big oil companies had a poor record of finding and producing oil and gas last year, according to figures out in the past week - and big cuts in spending in response to falling crude prices could undermine their plans to turn that around.
Gazprom, OMV Ink Additional Deal
Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss, Chief Executive Officer of OMV. The document is to adjust the contract terms and conditions to the changing market environment and make Russian gas more competitive in the Austrian market.
OMV Shrugs off South Stream Cancellation
Austrian energy group OMV's chief executive played down on Tuesday the importance of Russia's apparent cancelling of the South Stream gas pipeline project, saying investments in the Black Sea played a much bigger role for the company. Extending South Stream to Austria as agreed this year would have cost OMV around 100 million euros ($125 million) over three years…
Pressure Grows on Austria's OMV
With its ambitious expansion plans in doubt and top management in flux, oil and gas group OMV is struggling to persuade investors that Austria's biggest company can master increasingly difficult markets. Chief Executive Gerhard Roiss is leaving nearly two years ahead of schedule in June 2015, followed by Chairman Rudolf Kemler in October.
OMV May Slow Investments with Management Shakeup
Austrian oil and gas company OMV may slow its investment programme in an effort to boost margins at a time of sliding oil prices, reining in the growth ambitions that characterised the tenure of its outgoing chief executive. CEO Gerhard Roiss will leave the group in mid-2015 - nearly two years ahead of schedule - as part of a management shakeup that will also see OMV's gas business subsumed into a new division.
OMV Could End CEO Contract
Austrian newspaper Die Presse said on Thursday the contracts of OMV Chief Executive Gerhard Roiss and the head of OMV's gas division Hans-Peter Floren may be cut short before they run out in 2017, citing a recommendation from a board subcommittee. OMV declined to comment. "Some scenarios were discussed yesterday, no decisions were made.
OMV Sticks to Strategy despite Top Exec's Exit Plans
Austrian oil and gas company OMV is sticking to its goal to boost production to 400,000 barrels of oil equivalent per day by 2016, it said on Tuesday after announcing its head of exploration and production would leave before his contract ends. OMV Chief Executive Gerhard Roiss said in an emailed statement the company's strategy to focus on exploration and production…
Austria's OMV: Gas Storage Topped Off
Austrian energy group OMV's natural gas storage is nearly full, providing a cushion should Russian gas supplies via Ukraine hit any snags, the head of its gas and power business told Reuters. "OMV's storage capacity is around 97 percent full," Hans-Peter Floren said on the sidelines of an Austria-Russia Friendship Society meeting late on Thursday.
OMV & Gazprom to Build South Stream in Austria by 2016
Alexey Miller, Chairman of Gazprom's Management Committee and Gerhard Roiss, Chief Executive Officer of OMV inked a Shareholders Agreement for the South Stream Austria joint project company. The document was signed in Vienna today during a visit by Russian President Vladimir Putin to the Republic of Austria. The Agreement envisages the…
Gazprom Says EU South Stream Dialogue Constructive
Russia's Gazprom is in constructive talks with the European Commission about its disputed South Stream gas pipeline, its chief executive said after signing a deal on Tuesday with OMV to extend a branch to Austria. Alexei Miller said he was in weekly if not daily contact with European Energy Commissioner Guenther Oettinger. "We solve problems as they come up…
Austria to Hike Royalties on Oil, Gas Output
Austria plans to raise around 76 million euros ($105.4 million) in extra revenue this year and next by increasing royalty rates on domestic oil and gas production, according to draft legislation unveiled on Monday to help limit the budget deficit. The move will hit companies such as OMV, whose chief executive said last month the hike was sprung on the sector without advance notice.
Gazprom And OMV Chiefs Discuss Alternative European Gas Routes
The chief executives of Gazprom and OMV held talks on Tuesday about supplying Russian gas to Europe using routes that bypass Ukraine, they said in a statement. Gazprom's Alexei Miller and OMV's Gerhard Roiss said they had discussed "optional alternative supply routes" including the Nord Stream and Opal pipelines. Russia's seizure of Crimea…
OMV CEO Warns Against More Russia Sanctions
Europe should avoid more sanctions against Russiaover its role in Ukraine and continue to pursue dialogue with Moscow, the chief executive of OMV , the longest-standing Western trade partner of Russian gas monopoly Gazprom, said. The Austrian energy group signed its first long-term supply contract with the Soviet Union in 1968 and is a major importer of Russian gas.
OMV to Pay Higher Austrian Oil and Gas Royalties
OMV will have to pay higher royalties for oil and gas production in Austria backdated to the start of this year, its chief executive said on Tuesday. Austria's centrist government is seeking new revenue sources as it grapples with paying billions of euros in aid to failing nationalised banks while striving not to cut public services. OMV…
