Libya's largest oil company not to resume production before conflicts end

09:19, May 19, 2011      

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Libya's largest oil company said on Wednesday that it will not resume any oil production before the domestic conflict ends, as the result of the uncertain security situation.

Abdel Talil Mayuf, the spokesperson of Libya's state-own Arabian Gulf Oil Company (AGOC), told Xinhua that the company's oil production were totally shut down as the security of the oil fields and workers cannot be guaranteed under the current situation.

Mayuf said that the company cut down 70 percent of its production capacities after the large-scale anti-government protest broke out around the country since February. But all production was suspended on April 4 as its oil fields in Misla and some other areas were attacked by the forces loyal to the leader Muammar Gaddafi.

Mayuf said the company could resume oil production shortly after the conflict ends.

The biggest oil company in Libya, the Benghazi-based AGOC has a production capacity of 450 thousands barrels per day, about 30 percent of the aggregate capacity of the whole country. Most of AGOC's oil fields are in the rebel-controlled eastern part of Libya.

Mayuf said that presently almost of all oil production in Libya were suspended, however the opposition-controlled area was not facing shortage of fuel as Qatar's supplies has arrived. Libya has an oil production capacity of 1.6 million barrels per day before the unrest tore the country.

Source: Xinhua
 
 
     
 
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