Repsol On Libya: Bad News Only

According to the third-quarter results statement published by Spain’s Repsol on 12 November, there was “no contribution” to adjusted net income from Libya in the first nine months of the year. The impact of “disruptions in Libya,” it said, shaved €131mn off operating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story).

The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted net upstream income in the quarter was -€395mn, a €580mn decrease compared to the same period of 2014, it said, “mainly due to the impact of lower realisation prices, higher exploration expenses, the absence of production in Libya and the impact in taxes of the devaluation of local currencies, partially compensated with higher production volumes.” (CONTINUED - 209 WORDS)