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OMV gives upbeat assessment on Libyan oil

Jan. 30, 2014 at 6:40 AM

VIENNA, Jan. 30 (UPI) -- Austrian energy company OMV said oil production this year should be in line with its annual outlook.

The Austrian company said Libyan operations has resumed and production of 320,000 to 340,000 barrels of oil equivalent per day is in line with expectations for 2014, the Wall Street Journal reported Thursday.

The company said in a statement emailed in November production was offline "since the end of October," but provided no explanation for the disruption.

Overall production from the company declined last year in part due to Libyan security issues but that was offset by gains from the North Sea, the Journal reported.

Rebels who helped fight Moammar Gadhafi's forces in 2011 in November declared independence for the region known as Cyrenaica, which hosts some of Libya's key oil terminals. Labor strikes, internal battles for supremacy and general conflict have curbed Libya's oil output.

OMV announced Oct. 21 an oil discovery in Libya, made with partners Repsol and Total, was its first since the country's 2011 revolution.

OMV evacuated its personnel from Libya when conflict erupted in February 2011 but reopened its office in Tripoli 10 months later.

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