Austria’s OMV is considering expanding its presence in Libya’s energy sector as the country moves ahead with plans to increase natural gas production. According to a Reuters report, OMV CEO Alfred Stern said Libya offers strong potential for future investment, especially as demand for gas continues to rise in Europe and beyond.
Stern stated that the company is looking at new opportunities in Libya over the next five years, signaling continued interest in the country’s oil and gas industry. His comments come as Libya seeks to raise gas output and attract foreign companies to support production and infrastructure development.
Libya holds some of the largest gas reserves in Africa, but development has been slowed by years of political division, security concerns, and aging infrastructure. Authorities are working to increase output and improve export capacity, with a focus on supplying European markets that are searching for alternative energy sources.
Energy companies are closely monitoring Libya’s progress as conditions gradually improve. Any expansion by OMV would depend on stability, clear regulations, and reliable operating conditions. These factors remain central to long-term investment decisions in the country.
The report also noted that Libya’s National Oil Corporation announced a new oil discovery in the Sirte Basin in 2025, adding to the country’s resource base. The discovery could support future production growth and strengthen Libya’s position in regional energy markets.
Libya’s economy depends heavily on oil and gas revenues, making the sector vital for recovery and growth. Increasing production and securing foreign investment are seen as necessary steps to improve economic conditions and expand export capacity.
