OMV 'On Track' to Meet Production Goals

VIENNA - Austrian oil and gas company OMV AG is on track to meet its long term production goals, the company's chief executive officer said Thursday.

"We are [on] the way," Gerhard Roiss said at a press conference.

OMV aims to be producing 350,000 barrels of oil equivalent by 2016. In 2012, the company produced 303,000 barrels of oil equivalent.

OMV's board member responsible for exploration and production, Jaap Huijskes, said that he expects the company's production to continue to grow after 2016 and that he is confident that the company will meet its 2016 production goal.

The company is hoping to succeed in its goal to expand into sub-Sahara Africa this year, Mr. Huijskes added.

Mr. Huijskes also said that security remains a worry in Libya and Yemen, where OMV suffered production stops due to political unrest. Currently there are no expatriate workers in Libya, he said.

Mr. Huijskes and Mr. Roiss were speaking at OMV's 2012 earnings press conference.

Copyright (c) 2012 Dow Jones & Company, Inc.

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