OMV has successfully started up crude production in both the Sirte and Sharara oil fields in Libya, Post reported.

The Sharara fields are located in the Murzuq basin. In Q4 of 2016 OMV’s production from Libya amounted to approximately 3,000b/d. The company also increased its stake in four Exploration and Production Sharing Agreements (EPSAs) in the Sirte Basin. OMV acquired 75% of the Second Party Share and now holds 100% of the Second Party shareholding in blocks C103, NC29/74, C102, and Nafoora Augila, Your Oil and Gas News informed.

The state-owned Libyan National Oil Corporation (NOC) holds the First Party Share and will remain the majority shareholder with a working interest of 88% to 90%.

OMV’s Libyan production is expected to reach 10,000b/d on average in 2017. Subject to ongoing improvements in the security situation, the above transaction will provide OMV with an opportunity to increase its production in Libya to a maximum of 50,000b/d.

OMV’s CEO and Chairman of the company’s Executive Board, Rainer Seele, said: “OMV has been a trustful partner to NOC throughout challenging times and remains fully committed to invest in Libya in the future.”