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Austria's OMV gives up Croatia Adriatic oil, gas exploration

Austrian oil and gas firm OMV said it has given up its licences to explore for oil and gas in Croatia's AdriaticAustrian oil and gas firm OMV said Wednesday it has given up its licences to explore for oil and gas in Croatia’s Adriatic, where border disputes risked complicating pursuit of the project. “A consortium formed of (Houston-based) Marathon Oil and OMV decided to return its licences since general economic conditions for a long-term investment have not been met,” a spokesman for the Austrian group said in Vienna. The announcement came less than a week after OMV’s new chief executive took charge.

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