OMV Expands in Libya With Purchase Of Oxy Zueitina Stake

OMV targets 50,000 b/d net Libya output as Occidental all but quits country.

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.

ZOC operates several blocks in Libya, all in the Sirte basin in the east of the country (see map). Block C103 features the 60,000 b/d-capacity Intisar fields. The Sabah field (NC74F), Zella field (NC74B), and blocks NC74A and NC29 have combined capacity of about 20,000 b/d. (CONTINUED - 862 WORDS)