OMV AG (OMV.VI), Central Europe's largest oil and gas company, has seen its production in troubled Libya fall steeply, but it expects oil operations to shortly be back as they were before the uprising in the North African country and has no intention of scaling down its engagement there, said Chief Executive Wolfgang Ruttenstorfer Wednesday.
OMV AG (OMV.VI),
Central Europe
's
largest oil and gas company, has seen its production in troubled
Libya
fall
steeply, but it expects oil operations to shortly be back as they were before
the uprising in the North African country and has no intention of scaling down
its engagement there, said Chief Executive Wolfgang Ruttenstorfer Wednesday.
OMV normally produces some 10% of its total oil and gas production, or about
33,000 barrels of oil equivalent a day, in
Libya
. It's
the operator of one smaller oil field, and holds a total of 12 production and
exploration licenses in the country.
"The production has been reduced massively, but there's still a small
[amount of] production according to our information," Ruttenstorfer said
at an interview in
Vienna
.
Production at the Shateira oil field, which is the only one operated by OMV,
was shut down 10 days ago, and remains shut, Ruttenstorfer said.
He said the company still receives supplies from
Libya
,
mainly from the Libyan National Oil Company, with which it still communicates
regularly.
"We are still receiving Libyan crude oil, and we will continue to do
so," he said, adding that "We are not transferring any money to the
Gadhafi clan, but to the state oil company."
Ruttenstorfer said the company, based on its contact with NOC and past
experience, is assuming that all supply deals with
Libya
will
be honored also in the future.
He also assumes that the current disruptions to production will be only short
term.
"We don't expect there will be any permanent consequences to the
production. The disruptions will probably be over in a matter of weeks,"
he said.
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