By BENOIT FAUCON
Libya's oil production is finally bouncing back from weeks
of paralysis after giant fields in the west of the country
restarted, a top oil official said.
The North African nation's oil production has plummeted
after strikers blocked fields and terminals in recent weeks,
helping to push global oil prices sharply higher.
But speaking to reporters on the sidelines at a Libya
investment conference, Mustafa Sanalla, a director with Libya's
National Oil Co., said the Sharara and Elephant fields, whose
foreign partners are respectively Repsol and Eni had resumed
production following an agreement with protesters.
"We hope we will lift force majeuere on Western terminals,"
he said, adding that production was expected to reach 700,000
bpd. Though that's double Libya's production of 240,000 bpd,
the expected amount would still be half the country's normal
Mr. Sanalla also said Libya was sticking to its target of
producing 2 MMbpd by 2017. Despite being one of Africa's crude
oil producers, Libya is still dependent on products imports.
But the oil official said Libya has investment plans of $60
billion over six years for its refining and petrochemicals and plans to boost
refined products capacity from 380,000 bpd to 1 MMbpd.
Dow Jones Newswires