OMV ‘Halts Libyan Flows’

Protests in Libya have reportedly forced Austria's OMV to halt production.

A company spokesman told Reuters:

"OMV's production in Libya, which was largely unaffected by the events of the last few weeks, has now been shut in as events have spread to the west of the country ... OMV is closely monitoring the situation."

The company has had a presence in Libya since 1975, acquiring 25% of US independent Occidental Petroleum’s producing assets there a decade later. Libya accounted for 10 percent of OMV’s output before the revolution that toppled Muammar Gaddafi.

In the nineties, OMV signed production sharing contracts for blocks NC115 and NC186 with Spain’s Repsol, Total of France and Norway’s Statoil.

OMV has committed to taking part in some significant field development projects in Libya, including the Nafoora field.

(Source: Reuters)

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