The Austrian OMV Oil Company announced that it had uncovered oil in cooperation with its Libyan partners. Initial predictions released by the company estimate its reserves at 250 million barrels, reported KSA Today. This new oil site is located in the area NC 186 which is 800 kilometers south of Tripoli. A senior OMV representative stated that the company seeks to increase its oil reserves in Libya to 400 million barrels by 2004. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
