By Mauro Orru

OMV AG said Monday that it expects to book impairments of about 600 million euros ($710.5 million) after tax in the third quarter after it reduced its Brent oil price planning assumptions.

The Austrian oil-and-gas company said it cut its long-term Brent oil price assumptions to $60 a barrel from $75 a barrel as it expects the transition to a lower carbon world to gain speed.

The company backed its oil-price forecast of $50 a barrel for 2021, but reduced projections for 2022 and 2023 to $60 a barrel from $70 a barrel and $75 a barrel respectively.

OMV expects a Brent oil price of $65 a barrel from 2024 to 2029 compared with previous estimates of $75 a barrel, projecting a gradual fall to $60 a barrel until 2035.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

September 21, 2020 13:07 ET (17:07 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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