The planned investments over the next five years amount to approximately $5 billion, of which OMV will contribute 12.5%. The investments are aimed at securing and substantially increasing oil production in fields in the Sirte Basin over the next 30 years. The investments are required to implement new technologies for increasing the recovery rate of existing oil fields and for additional exploration activities.
The new agreement was signed by the Libyan National Oil Corporation (NOC), Occidental Petroleum (OXY) and OMV, as partners in the international consortium. OXY and OMV will collectively contribute 50% of the development capital and NOC will contribute the remaining 50%.
Helmut Langanger, director of exploration and production at OMV, said: OMV has been active in Libya since 1975, with production since 1985. Due to our in-depth knowledge of the potential and the conditions of this region, we will participate substantially in the redevelopment of the existing oil fields, as well as in new exploration activities. This agreement is an important step in strengthening our position in Libya, where we continue to grow further.
