Libyan Oil Production Resumes
Libya has resumed oil production, tapping 15 wells and producing some 31,900 barrels a day, according to Italian oil giant Eni S.p.A. (NYSE:E). Eni reported Monday that production had resumed at the Abu-Attifel fields, roughly 300 kilometers south of the city of Benghazi. Others wells are expected to be reactivated soon.
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Mellitah Oil & Gas, a partnership between Eni and Libya’s government-run National Oil Corp., is responsible for conducting the operations. Before oil production came to a halt in mid-February when protests against Libyan ruler Muammar Gaddafi escalated into a full-scale civil war, Eni was producing 273,000 barrels of oil equivalent a day in Libya.
The small north-African country, with a population of roughly 6 million, brought in $40 billion last year from oil and gas exports. Experts are predicting that it could take a year or more to get back to its pre-war production of 1.6 million barrels a day.
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