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FINANCIAL NEWS
Libya to resume oil exports
26 Aug 2011
(MENAFN) Libyan rebel government said that the country’s oil exports would resume very soon and they would reach full capacity in around a year, reported Arab News
The government added that most of the country’s oil fields weren’t affected by the civil war, as 90 percent of these fields were in good condition, moreover, these oil fields can produce between 500,000 and 600,000 barrels at the current time, whereas they would be expected to return to normal output within a year by producing 1.6 million barrels.
It also said that it would fulfill oil contracts signed before the start of the civil war, however, the rebel led government wouldn’t sign any new oil contracts at the time being.
it is worth noting that the Italian oil firm, Eni, would continue its oil production in Libya within 6 to 18 months.
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