Saturday 21 April 2018

Libya oil production about 70pc of normal: OMV

Vienna, February 19, 2014

Austrian oil and gas group OMV is producing at about 70 per cent of normal levels in Libya, the company's head of exploration and production, Jaap Huijskes, said on Wednesday.

Libya accounted for about 10 per cent of OMV's total output before the country's 2011 civil was but repeated disruptions caused by port blockades and oil field protests contributed to a halving of OMV's operating profit last quarter.

Huijskes also said OMV expects a final investment decision on the North Sea Rosebank project, originally planned for this year, to be made together with partner Chevron in 2015.

US oil company Chevron said in November the development of Rosebank was not currently economically attractive, raising doubts about a resurgence of the North Sea oil industry as fears rise over costs. - Reuters

Tags: Oil | libya | OMV | production | normal |

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