European firms reshape upstream to bolster output

摘要

European integrated oil and gas companies are reshaping their upstream portfolios in the lower oil price environment. But they are taking different routes to prop up future production. Austria’s OMV has shifted its strategic focus to Russia, at the same time reducing exposure to northwest Europe. OMV bought assets offshore the UK and Norway from Norwegian state-controlled Statoil for $2.65bn in 2013, less than a year before oil prices started falling. It is now selling a 30pc stake in the Rosebank oil and gas project in the UK, leaving the firm with 20pc. Rosebank accounted for the largest portion of a ?608mn ($688mn) impairment charge taken by OMV in the second quarter, which resulted in a quarterly loss for the firm.