OMV profits on higher output
Net income for the third quarter of 2012 totaled 401 million euro ($516 million), up 11% on the 362 million euro profit booked during the same period last year.The rise in profits came as sales revenue climbed 26% to 10.9 billion euro, compared to just under 8.7 billion euro a year ago.Helping lift
Iraq sees big oil leap by 2020
Iraq is reportedly targeting oil production of as much as 10 million barrels per day by 2020 as a senior energy official revealed on Wednesday that the country’s output has now hit 3.4 million bpd – the highest level for at least three decades.The goal outlined by Deputy Prime Minister for Energy
Lukoil sees profits slashed
The figure, down 69% from $3.25 billion a year earlier, missed analysts’ average forecast of $2.34 billion, according to Reuters. Net income for the first six months dropped 29% to $4.8 billion.The privately-owned company, led by chief executive Vagit Alekperov, was clobbered by a higher income tax bill
Global oil workers raking in pay
Data released by oilcareers.com this week also found Europe lagging other regions when it comes to the training crucial to maintaining a future supply of skilled workers, Reuters reported.Executives at the Offshore Northern Seas conference said finding the right talent to keep the industry healthy was becoming a