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FINANCIAL NEWS
Libyan rebels to postpone oil production
25 Apr 2011
(MENAFN) Libyan rebel’s oil minister, Wahid Bughaigis, said that rebels wouldn’t be able to produce crude oil in Messla and Sarir for about a month due to damage in the equipments needed to pump oil from the two fields, reported Associated Press.
Bughaigis added that rebels would preserve supplies of fuel and money for their fight against Moammar Gadhafi. He also said that this month, Qatar helped them complete the sale of one million barrels of crude for USD139 million, but one cargo of 25,000 metric tons of imported gasoline which they need, costs USD75 million.
He said that rebels cut electricity production in Benghazi by twenty five percent in order to conserve fuel. He said that since the main factory that provides power to the city used to be run with natural gas supplied from the oil facilities in Brega, which is under government control; power plants would operate by imported diesel fuel now.
It is worth noting that Sarir oil field is Libya’s largest one with 12 billion barrels and Messla has 3 billion barrels. Both of them have a production capacity of about 400,000 barrels per day.
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