OMV likely to miss 2016 oil output target

Vienna

AUSTRIAN oil and gas group OMV has said that it may not hit its target of producing 400,000 barrels of oil equivalent per day (boe/d) by 2016 if it put the brakes on its investment programme.

"In order to reflect a more challenging operating environment, especially the softness in the oil price together with the unpredictability of our Libyan production, which is adversely impacting the group's cash flow, we have decided to review the pace of our investment programme for the next two to three years," said chief executive Gerhard Roiss in a statement on Nov 6.