International Crude Oil Firms Return to Libya
With the despotic regime in Libya seemingly overthrown, the addled nation has long since been preparing its re-entrance into the global crude oil markets, where its light sweet oil commodity was once an extremely popular product. As the National Transitional Council rids the country of the last remains of Gaddafi followers, the yardstick of Libyan economy, crude oil production has finally resumed operations, and foreign investors have been flocking back to the once highly sought out nation.
The current largest international crude oil supplier in Libya is Eni S.p.A., with production rates of over 273,000 barrels a day. The company’s representatives have recently announced that the firm has re-launched all of its investments at the 15 wells it holds across the nation. Some of these wells are located in the bountiful Abu-Attifel field, with boasts production rates of over 32,000 crude oil barrels a day.
The already impressive numbers stemming from Abu-Attifel are still less than half of what was being extracted from the field before Libya collapsed in the massive outbreak of hostilities that spread across the nation and pushed crude oil production into the background. Eni still retains its initial joint contract for crude oil investment with Libya’s National Oil Corporation. Officials from the Italian company issued a statement saying that in the coming months, the remainder of its oil wells in the nation will also resume full-operation, at which point crude oil production in the region should re-stabilize itself.
Total S.A. of France have also returned to the tumultuous nation and launched back their off-shore production efforts. The French firm is operating in a joint partnership with the NOC and Germany’s Wintershall AG. Representatives from both European nations have announced that in the coming weeks, full production should be achieved from the region, totalling 40,000 crude oil barrels being produced daily.
Though a return to the still-volatile Libya may prove to be a risky venture for crude oil production firms, it is one that will likely justify itself in the near future, as the country works hard to stabilize itself after its political system was turned on its head.
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