Wednesday 25 April 2018

OMV makes 1st oil discovery in Libya post-uprising

Frankfurt, October 21, 2013

Austria's OMV said it had struck oil in Libya in the first new discovery for the company and its partners since the revolution in 2011, as it sticks by a long-term bet on the country despite recent civil strife and disruption.

The discovery is in the Murzuq basin, 800 km south of Tripoli, OMV said on Monday.

"This discovery in Libya confirms the potential of the country for OMV's upstream activities," said Jaap Huijskes, executive board member in charge of exploration and production, said in a statement.

The brief kidnapping of Libya's prime minister this month highlighted its fragility two years after the fall of Muammar Gaddafi. Oil production by the Opec member has been hit by strikes and protests by armed militias.

Libya accounts for around 10 per cent of OMV's total group production, and CEO Gerhard Roiss told Reuters earlier this month that the Austrian oil and gas company was committed to the country.

OMV and partners Repsol and Total will continue with further drilling in the area, OMV added.

In contrast, Exxon said last month it was scaling back in Libya, while Royal Dutch Shell abandoned two exploration blocks there last year. Others have been slow to resume exploration since the 2011 war. - Reuters

Tags: Oil | libya | OMV | discovery | uprising |

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