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Repsol in talks on resuming Libya operations

Source: Reuters - Wed 7th Sep 2011

Spanish oil firm Repsol has sent a delegation to Libya to discuss resuming its operations there as soon as possible, a spokesman said on Tuesday.

Libya produced about 1.6 million barrels per day of crude oil before the uprising against Muammar Gaddafi. The country, a member of the Organization of the Petroleum Exporting Countries (OPEC) has Africa's largest oil reserves - enough to sustain that level of output for 80 years.

Repsol, which suspended its operations in March in Libya, said in February that it had assets worth $650 million there.

"We have sent representatives to Libya to take part in meetings which are taking place to return to normal," the spokesman said. "We wish to resume operations as soon as possible."

In a sign that Libya's oil industry is beginning to get back to normal, sources said on Monday that commodities trader Glencore had signed its first contract to deliver fuels to Libya's interim National Transitional Council (NTC).

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