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Sunday, February 5, 2017
OMV is expanding its holdings in Libya, increasing its stakes in four EPSAs in the Sirte Basin. The company also started up production at both the Sirte and Sharara oil fields.
The new developments are attributed to an improvement in the political and security situation in Libya, OMV said in a statement.
OMV acquired 75% of the second party share and now holds 100% of the second pParty shareholding in blocks C103, NC29/74, C102 and Nafoora Augila. Libya’s state-run NOC holds the first party share and will remain the majority shareholder with a working interest of 88% to 90%.
The company said it expects its production to hit 10,000 bpd on average in 2017, a big jump from the 3,000 bpd it saw in Q4 2016. 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 bpd.
“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.
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