Austria’s OMV may shut down its oil production in Libya

22 February 2011 21:06  [Source: ICIS news]

TORONTO (ICIS)--Austria’s oil and petrochemicals major OMV expects a reduction or total shutdown of its oil output in Libya because of the increasing unrest in the oil-rich North African country, the company said on Tuesday.

Last year, Libya contributed 33,000 bbl/day, or 10%, to OMV’s total oil production, the company said in a filing.

Meanwhile, OMV was reducing personnel in Libya to a “necessary minimum”, it said.

OMV has been present in Libya since 1975. In 1985, it acquired 25% of Occidental Petroleum’s producing assets in the country.

Earlier on Tuesday, BASF’s energy unit, Wintershall, said it had managed to evacuate 31 people – nine employees and 22 relatives - of its international staff from Libya.

Wintershall had said on Monday it would evacuate all of its international staff from Libya and shut down its oil production, which was some 100,000 bbl/day from eight fields in the country’s east.

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By: Stefan Baumgarten
+1 713 525 2653



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