OMV targets 50,000 b/d net Libya output as Occidental all but quits country.

Austria’s OMV has bought the share of US oil firm Occidental Petroleum in its producing operations in Libya. The two companies were partners with state-owned National Oil Corporation (NOC) in the Zueitina Operating Company (ZOC).

The two foreign firms collectively had 50% of ZOC (of which Oxy 75%, ie 37.5% of the total, and OMV 12.5%), though Libya’s tight contractual terms mean that this gives the...