OMV restarts production in Libya and expands operations
Friday, Feb 03, 2017
  • OMV’s production in Libya is expected to reach 10,000 bbl/d on average in 2017
  • OMV increased its stake in four Exploration and Production Sharing Agreements in the Sirte Basin and strengthened the partnership with the National Oil Corporation (NOC)
Given the improvement in the political and security situation in Libya, OMV successfully started up production in both the Sirte and Sharara oil fields. The Sharara fields are located in the Murzuq basin. In Q4/2016 OMV’s production from Libya amounted to approximately 3,000 bbl/d.

OMV also increased its stake in four Exploration and Production Sharing Agreements (EPSAs) in the Sirte Basin. OMV acquired 75% of the Second Party Share and now holds 100% of the Second Party shareholding in blocks C103, NC29/74, C102 and Nafoora Augila. The state-owned Libyan national oil corporation NOC holds the First Party Share and will remain the majority shareholder with a working interest of 88 to 90%.

OMV’s Libyan production is expected to reach 10,000 bbl/d on average in 2017. Subject to ongoing improvements in the security situation, the above transaction will provide OMV with an opportunity to increase its production in Libya to a maximum of 50,000 bbl/d.

“OMV has been a trustful partner to NOC throughout challenging times and remains fully committed to invest in Libya in the future”, said Rainer Seele, CEO and Chairman of the OMV Executive Board after meeting with NOC Chairman Mustafa Sanalla in Tripoli.
 
Background information:
 
OMV Aktiengesellschaft


OMV is producing and marketing oil & gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of around 24,100 employees in 2015, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV focuses on three core regions – CEE (Romania, Austria), North Sea as well as Middle East and Africa – and selected development areas. 2015 daily production stood at approximately 303 kboe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2015, gas sales volumes amounted to 110 TWh.
 
National Oil Corporation

The National Oil Corporation of Libya is both Regulator of the Libyan oil & gas business and also the main shareholder in all EPSA licenses. OMV and NOC co-operate in several licenses under Exploration & Production Sharing Agreements. NOC is selling significant amounts of crude oil to OMV, who is processing the Libyan crude oils in the refineries of Schwechat (Austria) and Burghausen (Germany).

For more information, please visit: http://www.omv.com

For additional information on this project, please visit our ProjectsOGP database

Featured Profile

Featured Videos

Featured Case Studies