Austria’s OMV Rues Oil Disruptions In Libya

 Fumnanya Agbugah Business, Energy

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VENTURES AFRICA – Christoph Trentini, Head of Controlling at Austrian oil major OMV made public, this week, news that the company still experiences production disruptions in Libya. This information comes after the company announced in August that it has resumed oil production in the North African country.
“The situation in Libya is still not safe, there are weeks we produce 75 percent of our weekly production and sometimes we don’t even produce at all”, Trentini said.
OMV, recently increased production in higher cost countries such as Romania and Norway after it saw its profits halved during the second quarter of
the year, for which the Libyan crisis was considered a major contributor.
Since the fall of long standing dictator Muammar Gaddafi in 2011, and subsequent political turmoil, Libya has experienced a sustained period of unstable oil output. OMV is considered one of the country’s top operators.
Despite OMV’s concerns, Salah al- Suhbi, a member of the foreign affairs committee at Libya’s house of Representative, told Wall street journal recently that Libya’s oil production is expected to reach 1.2 million barrel per day by the beginning of next year. The country currently produce 810,000 barrels of crude daily.