Austrian energy group OMV has increased its stake in four oil field agreements in Libya and restarted some of its operations in the North African country after an “improvement in the political and security situation”.

The company restarted production at the Sirte and Sharara fields in the fourth quarter of 2016 and expects its average production in Libya to be 10,000 barrels a day (b/d) in 2017.

OMV increased its stake in four exploration and production sharing agreements (EPSAs) in the Sirte Basin. It acquired 75 per cent of the Second Party Share and now holds 100 per cent of the Second Party shareholding in blocks C103, NC29/74, C102 and Nafoora Augila.

The state-owned Libyan National Oil Corporation (NOC) holds the First Party Share and will remain the majority shareholder with a working interest of 88 to 90 per cent, OMV said.

“Subject to ongoing improvements in the security situation, the above transaction will provide OMV with an opportunity to increase its production in Libya to a maximum of 50,000 b/d,” said the Austrian group in a statement.

Libya is planning to reopen its oil sector for overseas investments, according to the chairman of its national oil company, after years of war and political instability as left its energy assets in disrepair.

Libya’s oil production reached a three-year high of 708,000 b/d in early January. The North African country had set a target of increasing production to 900,000 b/d by the end of 2016.