OMV AG (OMV.VI), Austria's largest oil company, will scale back its "aggressive" growth strategy of recent years amid changing world economic conditions but continue to seek opportunities in the Middle East, a senior company official said Wednesday.
"We had an aggressive growth story in recent years and we scaled it back a bit. I would call it a consolidated growth story now," Wolfgang Posch, head of strategic management for exploration and production at OMV told a Dubai energy conference.
The Middle East's oil and gas sectors will remain high on the company's agenda, with the "active pursuit of strategic opportunities in existing and selected new companies," Posch said at the 6th Mideast-Central Asia Oil Week.
OMV also Wednesday announced that it had issued its debut, five-year Eurobond worth EUR750 million as part of its EUR3 billion euro medium term note, or EMTN, program (EMTN), to help the company improve its debt structure.