OMV aims for Libya oil output above pre-crisis level

Austrian energy group OMV will try to get its oil output from Libya above pre-war levels this year, the company said while reporting fourth-quarter results that easily beat market expectations.

"In the international portfolio, OMV will seek to bring Libyan production back to pre-crisis level and beyond," it said in its 2012 outlook.

Production in Libya - which accounted for a tenth of OMV output in 2010 - stood at half of pre-war levels at the end of December.

It expects to raise overall output volumes this year at its exploration and production division, which OMV said was also screening acquisition targets in the Middle East, Caspian and Africa regions and preparing to enter new countries.

Operating earnings excluding one-offs and unrealised gains from valuing inventories jumped 29 per cent in the fourth quarter to €730 million ($968.3m), easily beating the average 582m estimate in a Reuters poll of analyst forecasts.

It said higher oil prices helped offset missing volumes from Libya and Yemen, where unrest has also disrupted production.

"In Yemen, the security situation remains uncertain. Re-launching production will take longer and will only be approached if this can be achieved safely and sustainably," it said on Wednesday.

It proposed raising its dividend by 10 per cent to €1.10 per share.

OMV had already reported fourth-quarter production edged up to 289,000 barrels of oil equivalent per day (boed) from 283,000 in the previous quarter.