Austrian oil group OMV embarks on restructuring
The company will divest almost 50% of its gas distribution network as part of the portfolio shake up
Austrian oil group OMV plans to rationalise its portfolio by divesting up to 49% of its gas distribution network Gas Connect Austria, while fully taking over its gas marketing subsidiary EconGas. Its latest plans under its “Fit for Fifty” strategy, which assume a Brent oil price of $55 per barrel in 2016, continue to include close business links with Russian gas giant Gazprom. The company said on 19 October it expects to announce a roughly €1bn ($1.1 bn) impairment charge on upstream assets in its third quarter results. "We are taking the appropriate measures to both optimize the portfolio and strengthen the group's cash flow and balance sheet", said OMV downstream and gas chief Manfred Leit
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
