Austrian oil and gas firm OMV has been given a boost after it confirmed oil production had restarted in Libya.
The firm, which managed to compensate for the decline in production from the troubled African country after snapping up the Gullfaks North Sea field, said work had now resumed in the country.
Libya accounts for around 10% of OMV’s total production, leaving it vulnerable to reduced output in the wake of last year’s civil disruption.
OMV said in a trading statement it now expected production in the country to be around 320,000 to 340,000 barrels of oil equivalent per day for 2014, based on current production levels.
The company, speaking ahead of its full year results next month, warned that it faced increased charges for its 2014 figures through impairment related to its gas storage facility in Germany, along with writing down disposed-of assets.
The charges would amoung to around £187million (310million Euros), the firm said, with decreased oil sales and exploration expenses contributing to extra charges.
