OMV AG Discovers Oil Amidst The Turmoil In Libya

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Hira Shahnawaz Akhtar
Published on
Updated on

OMV AG (OTCMKTS:OMVKY) (ETR:OMV) (FRA:OMV) announced today that it has made the first oil discovery in Libya since the revolution started in 2011. This discovery lies in the Murzuq basin and is located 800 km south of the capital city. Figure 1: Map of Libyan Oil Infrastructure OMV states that Repsol will proceed with further drilling in the area The block NC115, where the discovery was made, is operated by Repsol SA (OTCMKTS:REPYY) (MCE:REP) in partnership with OMV AG (OTCMKTS:OMVKY) (ETR:OMV) (FRA:OMV) and Total SA (NYSE:TOT). OMV states that Repsol will proceed with further drilling in the area. ‘The drilling…

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Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets. She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.