OMV has cut its 2014 production target after a perpetual security problem in Libya impacted production.
The Austrian oil and gas group decreased its projected output for the year to 310-130,000 barrels of oil per day equivalent, down from its original target of 320-340,000.
The firm also reported a 21% drop in first quarter operating profit, after operations in Libya were shutdown in mid-March.
Chief executive Gerhard Roiss said a full contribution from its Gullfaks asset in Norway helped counter the shutdown.
He added: “Libyan operations, however, were again impacted by security issues and production has been shut in since mid-March. We took several steps to further strengthen our upstream portfolio.
“We finalized the 3D seismic survey in the Bulgarian Black Sea and enlarged our position in the UK by acquiring four licenses from Hess in the West of Shetland area, including an increased share in the Cambo field and the Blackrock prospect. In addition, we took further steps to expand our exploration business in Sub-Saharan Africa by entering an offshore exploration project in Namibia and expanding our position in Madagascar.
“We also advanced with key field developments in our upstream project pipeline. We started production on the new Gudrun platform in the Norwegian North Sea in early April and took internally the final investment decision for the gas field development project Nawara in Tunisia, awaiting final regulatory approval. We are making progress in the right direction and we will continue to deliver on our commitment to profitable growth.”
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