OREANDA-NEWS. Production increased to 311 kboe/d in Q1/14. Clean CCS EBIT at EUR 668 mn in Q1/14. Strong operating cash flow at EUR 907 mn. Increased share in the Cambo field, including the Blackrock prospect, in the UK. Gearing ratio at 29% in line with the long-term target.
Gerhard Roiss, CEO of OMV: "In the first quarter of 2014, our improved operational performance together with the first full contribution from the Gullfaks asset in Norway enabled us to substantially increase our production level vs. Q4/13. Libyan operations, however, were again impacted by security issues and production has been shut in since mid-March. We took several steps to further strengthen our upstream portfolio. We finalized the 3D seismic survey in the Bulgarian Black Sea and enlarged our position in the UK by acquiring four licenses from Hess in the West of Shetland area, including an increased share in the Cambo field and the Blackrock prospect. In addition, we took further steps to expand our exploration business in Sub-Saharan Africa by entering an offshore exploration project in Namibia and expanding our position in Madagascar. We also advanced with key field developments in our upstream project pipeline. We started production on the new Gudrun platform in the Norwegian North Sea in early April and took internally the final investment decision for the gas field development project Nawara in Tunisia, awaiting final regulatory approval. We are making progress in the right direction and we will continue to deliver on our commitment to profitable growth."