OMV, Repsol, Total Make New Oil Discovery in Libya

   By Friedrich Geiger 
 

FRANKFURT--Austria's OMV AG (OMV.VI) said Monday it has discovered oil in Libya with its partners Repsol SA (REP.MC) of Spain and Total SA (FP.FR) of France.

The oil discovery is the first in Libya by OMV and its partners since the revolution in 2011. Repsol has a 40% stake in the project while OMV and Total both have 30% stakes.

The discovery was made in the Murzuq Basin, 800 kilometers south of the capital Tripoli. Drilling started in May 2013 and is expected to last until the end of 2015.

"This discovery in Libya confirms the potential of the country for OMV's upstream activities," said Jaap Huijskes, OMV executive board member for exploration and production

The oil and gas company has been present in Libya since 1975 and started production in 1985. In 2012, OMV produced 29,500 barrels of oil equivalent per day in the north African country.

In September, OMV said it had discovered up to 164 million barrels of oil in the Barents Sea, and the license area in which the find was made could hold up to 500 million barrels. The discovery 310 kilometers north of Hammerfest in northern Norway is expected to hold between 63 million and 164 million barrels of recoverable oil, the Norwegian Petroleum Directorate said.

OMV plans to increase its total output to 350,000 barrels of oil equivalent per day by 2016.

--Kjetil Malkenes Hovland contributed to this article.

Write to Friedrich Geiger at [e-mail]

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