OMV reports Q3 trading update - The Libyan Report

OMV reports Q3 trading update

OMV’s (OTCPK:OMVJF) oil and gas output decreased slightly in Q3 due to maintenance work in Russia and as the previous quarter’s catch-up effects from production in Libya dissipated.

Output fell to 480,000 boe/d from 490,000 boe/d in Q2; however on Y/Y basis output was up 18%.

OMV aims for an average oil production rate of 35,000 bbls/day in Libya and has an overall annual output target of close to 500,000 boe/d.

Refining margin rose to $5.46/bbl from $3.18 in Q2, helped by higher demand for diesel and jet fuel in the summer season. source