Advertisement

Libya restarts some oil production

TRIPOLI, Libya, Sept. 12 (UPI) -- A top official in Libya's Transitional National Council announced from Tripoli that oil production had resumed in parts of the country.

With Tripoli in the hands of rebel leaders, TNC leader Mahmoud Jebril announced production had resumed but declined to offer specifics.

Advertisement

"(Saturday) we have commenced the production of oil," he was quoted by the Financial Times as saying. "In the very upcoming period, very soon, we will begin production in the western part of Libya, both oil and gas."

Italian energy company ENI announced last month that it signed a deal with the TNC. The company generated 13 percent of its revenue from Libya, followed closely by French supermajor Total, before the war.

Energy analysts note it may take a while for Libyan oil production to return to pre-crisis levels of 1.3 million barrels per day.

The International Energy Agency during the summer called on its members to release oil from strategic reserves to offset declines in production from Libya.

The IEA move followed a summer decision from the Organization of the Petroleum Exporting Countries to keep official production quotas in check despite concerns that high energy prices would hamper economic recovery.

Advertisement

Latest Headlines

Advertisement
Advertisement

Follow Us

Advertisement