North Sea operator OMV has cut its 2013 production forecast after being beset by output problems across the world.
The company, which bought over Statoil’s Rosebank and Shiehallion stakes earlier this year, warned that it expected its production level for the year to be ‘somewhat below’ 2012’s output.
Ongoing security problems in Libya, which accounts for around 10% of the company’s total production, and attacks on the pipeline in Yemen have left its output behind target.
“The situation in both territories remains difficult to predict,” the company warned.
“These interruptions combined with the earlier than planned temporary shut-in of the Maari field in New Zealand, together with water influx in a key producing well in Austria, will impact full year production.”
Third quarter output was 275,000 barrels of oil equivalent per day, down from 309,000boed the year before as the Libyan crisis deepened.
Pre-tax earnings at the Austrian firm fell 21% to £521million compared to the same period last year, with profits down 27% to £222million.
The company said its purchase of Statoil’s North Sea assets would drive its production targets up for 2014, targeting up to 340,000 barrels of oil per day.
“The acquisition from Statoil of a portfolio of offshore assets lays the foundation for achieving our key strategic targets for 2016, delivering a production of around 400 kboe/d and a three-year average reserve replacement rate of 100%,” said chief executive Gerhard Roiss.
“Proceeds generated through working capital reductions and disposals from the downstream business have enabled us to largely fund this transaction through cash generation.”
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