Read the latest headlines about developments in the international oil and gas industry in Vienna and Austria
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Austria International Oil and Gas Industry News

OMV: Libyan Oil Production at 60% of Pre-War Level

The Austrian OMV produces 19,000 barrels per day in Libya. Production can be improved steadily. A Romanian refinery will be sold to the Romanian state.

January 13, 2012

OMV Starts Downsizing Operations

The Austrian oil and gas company starts to reduce the weighting of the Refining and Marketing (R&M) business segment in the overall portfolio.

January 13, 2012

Central European Gas Hub Sets a New Record in Gas Trading

Trading volume of the Austrian gas hub rose to 40 billion cubic metres in 2011. This is an increase by 15% compared to the previous year.

January 13, 2012

OMV Condemned by Antitrust Authorities

Petrom, a subsidiary of the Austrian oil and gas company has to pay a € 85.2m fine in Romania.

January 11, 2012

Petrom and Exxon Explore in Black Sea

Petrom, the Romanian subsidiary of the Austrian oil and gas group OMV, closed a partnership with the U.S. oil group ExxonMobil.

January 9, 2012

Austria to Be By-Passed by South Stream Gas Pipeline

The rival project to Nabucco will not end at OMV’s Central European gas hub.

December 15, 2011

OMV and Shell Set to Survey Off Great South Basin

The British-Dutch Shell Group and the Austrian OMV Group start research works near New Zealand.

December 12, 2011

Troubles at State Holding ÖIAG

The dividend policy at Telekom Austria is criticized fiercely. Moreover, the new core shareholders at Telekom and OMV cause fears of takeovers.

December 10, 2011

IPIC to Take Over OMV?

This week, IPIC announced to raise its stake in OMV. At the moment, the Arab investment fund holds 24.9% of OMV´s share capital.

December 9, 2011

Sale of Croatian OMV Petrol Stations Begins

OMV´s current market share in Croatia is 13%. Almost every major oil company in Europe shows interest.

December 9, 2011

IPIC to Acquire Blocking Minority Threshold

The core shareholder of the Austrian oil and gas company, the Abu Dhabi state fund IPIC, already owns a 24.9% stake. An increase beyond 25% has been announced.

December 6, 2011

OMV Sells Croatian and Bosnian Subsidiaries

In line with the strategy of the Austrian oil and gas company, the sale of the retail and commercial business in Croatia (OMV Hrvatska d.o.o) and Bosnia-Herzegovina (OMV BH d.o.o) is under consideration.

December 6, 2011

OMV Raises Oil Production in Libya

The Austrian oil and gas company OMV receives already about 50% of the pre-war volume. However, a full recovery will need another twelve months.

December 3, 2011

OMV’s Shale Gas Test Drilling Will Cost € 130m

The Austrian energy group sees a 20 percent chance of success for production at the Lower Austrian gas field that was discovered last month.

December 2, 2011

Austrian Companies Return to Libya

OMV and Asamer have already resumed business, while Strabag is still evaluating damages.

November 30, 2011

C.A.T. oil Maintains Positive Growth Momentum

The Austrian provider of oil and gas field services achieved an all-time high in operating activity levels. Revenue increased by 14.3% to € 74.7m in the third quarter of the year.

November 29, 2011

OMV Discovered Major Gas Field in Austria

The Austrian oil and gas group OMV found a major gas field in Northern Lower Austria. The gas could cover the domestic gas demand for 30 years.

November 26, 2011

OMV Concludes New Syndicated Loans

The Austrian oil and gas company has signed two syndicated multi-currency credit facilities totaling € 1,680m, which replaces existing facilities maturing in 2012.

November 23, 2011

OMV to Sell Petrol Stations to Slovak Slovnaft

The Austrian oil and gas group OMV has already announced its downsizing strategy in the petrol station business. Slovnaft, a Slovak subsidiary of the Hungarian MOL, shows interest.

November 22, 2011

Siemens Austria Finishes Dutch Gas Power Plant

The contract value for the gas and steam power plant amounts to € 570m. 1.4 million households will be served with electricity.

November 21, 2011

Petrom Accused for Breach of Antritrust Rules

The Romanian subsidiary of the Austrian OMV, Petrom, is confronted with alleged breach of antitrust regulations.

November 16, 2011

OMV’s Performance Still Impacted by Libyan Production Shortfalls

The Austrian oil and gas company reported strong results for the first nine months of the year. Group EBIT was up by 11% year-on-year.

November 9, 2011

OMV Considers € 1.5bn Credit Line

The Austrian oil and gas company is negotiating a major credit facility with a term of five years.

November 4, 2011

PKN Orlen Interested in OMV´s Petrol Stations

The Austrian oil corporation OMV downsizes its operations in the Czech Republic. 220 Petrol stations are for sale.

October 31, 2011

BP Determines Purchase Contracts With OMV

The Austrian subsidiary of British Petrol ends up contracts with the Austrian oil corporation. Possibly better conditions should be negotiated.

October 31, 2011

WIFO Alarms: Petrol Price Has to Increase

The petrol price should be increased annually by six percent. Tobacco should be more expensive as well, claims WIFO’s (Austrian Institute of Economic Research) head Karl Aiginger. However, taxes on labor should fall.

October 24, 2011

Hungarian MOL and Austrian RAG Cooperate for Exploration and Production in Hungary

Hungarian MOL (Magyar Olaj- és Gázipari Nyrt.) and Austrian RAG (Rohöl-Aufsuchungs Aktiengesellschaft) have signed agreements to perform activities in the exploration and development of the Inke license south of lake Balaton in Hungary, released MOL.

October 24, 2011

OMV Raises Production and Margins

The Austrian oil and gas company increased total production by 3%. Hedges adversely impacted EBIT by € 44m in the period from July to September.

October 21, 2011

OMV Buys Gas Discovery from Norwegian Noreco

Norwegian Energy Company (Noreco) has entered into an agreement to sell its 20 percent share of license on Haltenbanken to Austrian OMV.

October 21, 2011

Financial Syndicate for Nabucco Arising

The Austrian OeKB intends to conduct a financial consortium for the gas pipeline project Nabucco.

October 15, 2011

OMV to Resume Oil Production in Libya

The Austrian oil corporation had to abandon oil production in Libya at the beginning of the year. Now, OMV wants to continue its operations.

October 10, 2011

OMV’s Petrom Opens Wind Park in Romania

The subsidiary of the Austrian energy group invested a total of € 90m. The park has an installed capacity of 45 MW.

October 7, 2011

OMV Issues Eurobond

The Austrian oil and gas corporation OMV has further extended its average maturity of debt by issuing a Eurobond with a volume of € 500m, a maturity of 10 years and a coupon of 4.25%.

October 5, 2011

Ukraine Guarantees Gas Supply to Austria

The Ukraine invites Austrian companies to construct liquefied gas terminal.

October 5, 2011

Czech RWE-Subsidiary Plans Pipeline Through Austria

The operators of a gas pipeline “5GL” in the Czech Republic, Austria, Bavaria and Slovenia are considering to build a new pipeline connecting the Souther Czech Republic with Italy and Slovenia.

October 4, 2011

OMV: Withdrawal from Czech Republic Possible

The Austrian energy company plans to leave the Czech petrol station market, reports the Czech Television (CT). Proceedings will be needed for the expansion of the gas business.

October 3, 2011

Nabucco Bids for Gas Field in Azerbaijan

The Asiatic country will publish its decision by the end of 2011. Three candidates submitted their offers.

October 1, 2011

Nabucco Welcomes Bayerngas’ Intent to Become New Shareholder

Nabucco Gas Pipeline International GmbH welcomes Bayerngas’ intent on becoming one of the Nabucco shareholders. Negotiations with the six current shareholders will begin immediately to determine the future share split within the consortium.

October 1, 2011

Spindelegger Wants New Impetus for Nabucco

The Austrian Vice-Chancellor calls for a quick realization of the pipeline project which is stalling at the moment.

September 28, 2011

Gas Cartel Investigations Continue

Another office has been searched on Wednesday. Austrian oil and gas company OMV does not see itself in the focus of prosecution.

September 28, 2011

Cartel Suspicions Against OMV

The Commission of the EU suspects ten gas companies of market abuse. The Austrian OMV wants to cooperate with the authorities.

September 27, 2011

BP Plans Rival Project to OMV´s Nabucco

The British Petrol Corporation intends to open up new gas fields in the Caspian region. BP is thus a new competitor for the Austrian OMV.

September 27, 2011

Demanding Sale Program for OMV

Gerhard Roiss, CEO of the Austrian oil and gas company OMV announced to sale assets of more than € 1.0bn.

September 26, 2011

OMV Buys 500,000 Barrels of Condensate in Libya

It is the first supply from the war-torn country for the Austrian oil and gas group since March.

September 22, 2011

OMV Strategy Update: “Profitable Growth”

OMV is hosting a Capital Markets Day and Media Summit in Istanbul to present an update on its strategy. The Strategy builds on growing OMV’s upstream portfolio, on expanding its integrated gas business and on restructuring the oil downstream segment

September 21, 2011

Austria and Azerbaijan Expand Cooperation

An Austrian delegation will hold several meetings with Azerbaijani ministries and private companies.

September 20, 2011

OMV Board Member Werner Auli to Leave Executive Board

After nearly 25 years of active service at the Austrian oil and gas company OMV, Werner Auli will be stepping down as a member of the Executive Board due to health reasons at the end of 2011

September 19, 2011

OMV Publishes New Strategy

Gerhard Roiss became CEO of the Austrian OMV six months ago. This week, Roiss will present the company´s strategy at the capital market´s day in Istanbul, Turkey.

September 19, 2011

OMV’s Petrom Receives Approval for License Extension

The subsidiary of the Austrian oil and gas company was allowed to continue exploration works in Romania. The licenses were due to expire on September 12.

September 8, 2011

Joschka Fischer: „Nabucco is in time“

The former Minister of Foreign Affairs of Germany, Joschka Fischer, is optimistic regarding the realization of the Nabucco Gas Pipeline.

September 6, 2011