Austrian oil and gas company OMV announced on Tuesday that it expects a financial impact exceeding €200 million ($220 million) on its third-quarter clean operating result following disruptions in Libyan oil production.
This follows the reopening of Libyan oilfields and export terminals after a resolution to the leadership dispute at the Central Bank of Libya.
On August 7, Libya’s National Oil Corporation (NOC) declared force majeure on the Sharara oilfield, which produces around 300,000 barrels per day. The Elfeel oilfield also faced disruption, with force majeure declared on September 2. These closures had a significant impact on OMV’s operations.
OMV also reported several one-off expenses and declining refining margins, particularly in its fuels and feedstock sectors, expected to affect its clean operating result. Despite these challenges, OMV recorded higher margins in its chemicals division, which continues to grow as the company shifts from fossil fuels.
OMV’s stock fell by 1.9% following these announcements. Financial analysts from Erste Group noted that the third quarter of 2024 appears weaker than the second, largely due to reduced Libyan output and a less favourable refining environment.
The company’s average crude oil prices dropped by 3.8%, while the realised price for natural gas rose by 7.3%.
