Austrian oil and gas group OMV's adjusted operating profit increased by 67 percent in the fourth quarter of 2017 compared to the same period of 2016, the company said on Wednesday.
Its profit of around €688 million in the last quarter of 2017 was mainly driven by higher realized oil and gas prices and sales volumes in Libya and Norway, the company said.
The company predicts that the average Brent oil price will be $60 per barrel in 2018.
OMV also noted that it would continue to finance the Nord Stream 2 pipeline subject to progress with the project financing from capital markets.
The project aims to carry Russian natural gas to Europe through the Baltic Sea with a capacity of 55 billion cubic meters per year.
OMV is one of the partners in the project in conjunction with Gazprom, Engie, Shell Uniper and Wintershall.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr