OMV sees Libya as a natural fit

11 Apr 2017   Libya

Libya fits in well with a strategy of capitalizing on mature onshore oil basins and service to European energy needs, the head of Austria’s OMV said. Representatives from the National Oil Corp. of Libya met with their counterparts at OMV in Vienna. OMV Chief Executive Officer Rainer Seele said the joint meeting was indicative of the strategic value of Libyan oil. Libya holds, by OMV’s estimate, around 47 billion barrels of oil. Onshore areas are considered mature, though OMV said that’s where it’s positioned best. “Libya is an ideal technological fit for OMV,” he said in statements emailed to UPI. According to Libya’s NOC, both sides focused on developing technical studies to increase the reserve estimate and […]

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