Firms Face Up To Mounting Libya Write-Offs

The past year has seen a significant downturn in output for oil companies operating in Libya, with several firms recording their worst year since the toppling of Mu’ammar al-Qadhafi in 2011, and others deciding to write-off expenses from which they see no imminent return from production.

Production in Libya by France’s Total dropped to an average of 27,000 boe/d in 2014, its lowest level since 2011, according to figures published in the company’s 2014 yearbook, on 15 April. Production dropped from 50,000 boe/d in 2013, having peaked at 62,000 boe/d in 2012. Output in 2011 was just 20,000 boe/d.

Total is the leading foreign partner in both the onshore Mabruk field (Blocks 70 and 87) and offshore al-Jurf fields (Blocks 15, 16 and 32), both operated by Mabruk Oil Operations, a joint venture led by Total and NOC. Total has 37.5% in both, NOC has 50%; Statoil has 12.5% of Mabruk and Germany’s Wintershall 12.5% of al-Jurf. (CONTINUED - 2041 WORDS)

DATA INSIDE THIS ARTICLE

table Total’S Libya Output (‘000 B/D, Net)