Austria’s OMV has bought the share of US oil firm Occidental Petroleum in its producing operations in Libya. The two companies were partners with state-owned National Oil Corporation (NOC) in the Zueitina Operating Company (ZOC).

The two foreign firms collectively had 50% of ZOC (of which Oxy 75%, ie 37.5% of the total, and OMV 12.5%), though Libya’s tight contractual terms mean that this gives the firms a much lower net output share. (CONTINUED - 862 WORDS)