Repsol restarts production in Libya

Mar 11, 2014 12:00 AM

Spanish oil major Repsol said it had restarted production at its Libyan oil field after the complex was shut down around a month ago due to clashes with protestors.

“Production restarted on Sunday, although it's still not back to full capacity,” said a Repsol spokesman.

Libya's 340,000 barrels-per-day El Sharara oil field, owned and operated by Repsol, located in the remote south of the country, has been repeatedly closed by armed groups and protestors as a way to pressure Libya's weak central government into political and financial demands.

Disruption in Libya contributed to Repsol posting a loss last month in its results for the past year. The country accounts for around 12 percent of Repsol's total output.

Analysts estimate the shutdown of the oil field cost Repsol some 30 million euros ($42 million), or 1 million euros per day in net profit.

Three years of turmoil since the overthrow of Muammar Gaddafi and tough contract terms have prompted some oil companies to reassess their positions in Libya and several have said they would postpone projects or scrap them altogether.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« April 2019 »
April
MoTuWeThFrSaSu
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30

Register to announce Your Event

View All Events