OMV, a Vienna-based oil and gas company, plans to increase production in Libya to an average of 10,000 barrels per day, the company announced on Thursday.
In the fourth quarter of 2016, OMV's production from Libya amounted to approximately 3,000 barrels per day.
In an optimal production scenario, OMV can increase its output level in Libya up to "a maximum of 50,000 barrels per day," the company said.
The company expects to raise its output by increasing its stake in four exploration and production sharing agreements in the Sirte Basin.
OMV also strengthened its partnership with the National Oil Corporation to reach its target production level.
National Oil Corporation holds a majority stake of the Sirte Basin and OMV has become a second majority holder by acquiring further shares.
In accordance with its plan to boost output in the country, the company also started production in the Sharara oil field in the Murzuq basin.
By Zeynep Beyza Kilic
Anadolu Agency
Ìý