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FINANCIAL NEWS
Spanish Repsol set to restart drilling in Libya
10 Nov 2012
(MENAFN) Spanish oil firm Repsol unveiled plans to restart drilling operations in Libya in early 2013, Reuters reported.
A spokesman for the company said Repsol plans to debut operations in the east Libyan desert. He added that current output was now close to the 350,000 barrels per day it was pumping before the war.
Despite the country’s surprising rapid boost of oil output to 1.6 million bpd, it has so far had only limited success to attract security-conscious foreign firms to explore.
A deadly attack on the US consulate in the eastern city of Benghazi in September is widely seen as acting as a further deterrent, particularly for US oil firms.
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