OMV's 1st Oil Find in Libya since Revolution

Austria's OMV and its partners have discovered oil in Libya. The successful exploration has been made in the Murzuq Basin, 800 km south of the capital Tripoli.

Jaap Huijskes (pictured), OMV Executive Board Member responsible for Exploration and Production:

"This discovery in Libya confirms the potential of the country for OMV’s upstream activities."

Repsol, the operator of exploration block NC115, and partners OMV and Total will proceed with further drilling in the area. The drilling campaign started in May 2013 and is expected to last until the end of 2015. The new discovery is the first oil found in Libya by OMV and its partners since the revolution in 2011.

OMV has been present in Libya since 1975 and started production in 1985. In 2012 OMV produced 29,500 boe/d in Libya.

Technical details on the discovery:

  • Contract area: 129/130 (NC115)
  • Partners: 40% Repsol, 30% OMV, 30% Total
  • Total well depth: 6,024 feet (1,836 meter)
  • Oil specifications: 39° API at a rate of 513 boe/d
  • Area of block NC115: 4,400 km2

(Source: OMV)

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