The perilous security situation in Libya is preventing OMV AG (OMV.VI) from producing oil in the north African country, the chief financial officer of the Austrian energy firm said Tuesday.
The perilous security situation in Libya is preventing OMV AG (OMV.VI)
from producing oil in the north African country, the chief financial officer of
the Austrian energy firm said Tuesday.
"We haven't produced for several weeks now in
Libya
,"
David Davies told reporters on the side of an economics conference.
Mr. Davies said that OMV usually produces around 32,000 barrels of oil per day
in
Libya
and
are loosing that much in production for every day production remains shut down.
Since Libyan strongman Moammar Gadhafi's fall in 2011, hundreds of militias
have sprung up across
Libya
,
carving out zones of power, defying state authority and imposing violent
attacks. Political leaders use militias to jockey for influence, planting them
in
Tripoli
to
push their agendas through force.
Mr. Davies said production should return quickly if the security situation
stabilizes as it did after
Libya
's
civil war.
In 2010, OMV produced around 10% of its production in
Libya
.
After the war and unrest, OMV has been focusing on production in more
politically stable countries, such as its recent acquisition in
Norway
.
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