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FINANCIAL NEWS
Libya’s El Sharara oil field to resume production
13 Oct 2011
(MENAFN) Libya’s oil and finance minister, Ali Tarhouni, said that El Sharara oil field would restart production within days with a capacity to pump 200,000 barrels per day (bpd), reported Arab News.
Tarhouni added that in less than twelve months, Libya would be able to produce 1 million bpd, compared with 1.8 million bpd produced before the start of the civil war.
He also said that to some extent, Libya’s oil sector managed to recover and the country’s oil output at the current time reached 400,000 bpd, adding that before the war, foreign countries accounted for around half a million bpd of oil output and imported 1.3 million bpd of Libyan crude.
It is worth noting that El Sharara oil field is operated by Repsol, the Spanish oil firm.
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