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.

A slump in oil prices forced OMV last year to slow down its investment programme and throw its target to produce 400,000 boe/d by 2016 over board. It produced 309,000 boe/d last year. Production stops in Libya and Yemen due to security problems have pushed OMV to move into more expensive markets in the North Sea.

Reporting By Shadia Nasralla