Austrian OMV's net income decreased to €354 million in the first quarter of this year, from €406 million in the same quarter of 2018, the company said on Friday.
OMV said that this 12.8% decrease was mainly due to a lower upstream results.
"The negative operational performance was due to a lower contribution from upstream mainly following force majeure in Libya," the company said.
OMV said its total hydrocarbon production rose by 9%, primarily due to acquisitions in Abu Dhabi in the second quarter of 2018 and in New Zealand in the last quarter of 2018.
"This was partially offset by lower production from Libya following force majeure at the El Sharara field, and Romania as well as Pakistan as a result of the divestment of OMV’s upstream companies in the second quarter of 2018," it said.
Libya's Sharara field has been closed since December last year after members of the Maghawir Brigade seized control, crippling oil exports that the country mainly depends on for revenue.
Libya's National Oil Company declared a force majeure on Dec. 10, and stated the Sharara oil field shutdown would cause a production loss of 315,000 barrels per day (bpd).
The Sharara oil field is currently under control of forces loyal to east Libya-based commander Khalifa Haftar, known as the LNA. The Haftar forces, which are supported by the Tobruk-based House of Representatives forces, announced three weeks ago that they took “full control” of the oil field.
Libya has struggled to maintain oil production since 2011, when longstanding President Muammar Gaddafi was ousted and killed in a NATO-backed uprising, triggering years of political turbulence and unrest.
OMV expects total production to be around 500 kilo barrels of oil equivalent (kboe) per day in 2019 (2018: 427 kboe/d), depending on the security situation in Libya.
"Production at El Sharara in Libya resumed in March, 2019. Starting with the second quarter of this year, Libya is expected to produce above 35 kboe per day (2018: 30 kboe/d) until year-end," OMV added.
By Murat Temizer