Corporate Profile: OMV Looks To Iran To Re-Boot MENA Portfolio

Of European firms eying a return to post-sanctions Iran, Austria’s former state champion OMV is among the keenest. As far back as February it singled out Iran as a key ‘development area.’ But previous MENA upstream investments have not always gone to plan.

Austria’s OMV has long seen the Middle East and North Africa (MENA) region as key to its ambitions to be a truly international and vertically integrated oil firm.

But its choice of MENA countries has not always turned out for the best. Back in 2010 the firm was producing 33,000 b/d net in Libya, mainly from the 60,000 b/d capacity Zueitina fields it shares with US firm Occidental. At the time Libya provided almost 20% of OMV’s oil output making it the firm’s third most productive upstream province. But output collapsed to just 10,000 b/d in 2011 with the Libyan revolution. As with other producers in the country, hopes that a 2012 output rebound could be sustained floundered. (CONTINUED - 1791 WORDS)


table Omv: Key Figures
chart Libya, Yemen Outages Have Stymied OMV Attempts To Grow Output In Recent Years But Are Key To Hopes Of 'Upside' 2020 Growth
table Omv 2015 Impairments (€Mn)