Vienna-based OMV Group to resume drilling operations in Libya in February 2024
Austrian and Vienna-headquartered integrated oil, gas and petrochemical company OMV Group will resume exploration activities in February 2024, the North African country’s state-run oil company National Oil Corporation (NOC) has announced on Monday November 6.
The announcement came after both sides held a technical meeting in Tripoli Sunday at NOC headquarters. The discussions touched on the progress achieved in the current year and outlining the work plans for the upcoming year.
NOC lifted in September 2023 the force majeure, a very important positive sign for investment in the oil-rich African country.
OMV entered the Libyan market in 1975 but the company faced in the past decade challenges in Libya due to civil unrest, protests, and disruptions to pipelines and oil terminals.
The company has been actively exploring various sedimentary basins both onshore and offshore in Libya, including the Sirte, Murzuq, Ghadames, Cyrenaica, Kufra, and Pelagian basins, Oil&Gas Middle East reports. The 1956-founded company reportedly holds stakes in significant oil fields in the Libyan desert operated by local partners such as Zueitina and AGOCO in the Sirte basin, and AOO in the Murzuq basin.