OMV Posts 25% Jump in Libyan Oil Production

imagesThe Austrian oil and gas company OMV, which is part-owned by Abu Dhabi, posted a 25 per cent jump in revenues after reviving production in Libya that had been wiped out during the 2011 urising that ousted the Gaddafi regime from power.

Thanks to Libyan fields that had been completely shut-in for eight months during 2011 uprising getting back online, OMV’s overall oil and gas production increased by 5 per cent last year. However, it cautioned, that the security situation in Libya remained “volatile”.

Early this year, strikes in Libya also contributed to an overall drop in the country’s production…read more

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