FRANKFURT: 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, 800km south of Tripoli, OMV said yesterday. “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.
Libya accounts for around 10 percent of OMV’s total group production, and CEO Gerhard Roiss said 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, ExxonMobil 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