Companies Scale Back Libya Expectations

No IOC active in Libya has yet openly talked of withdrawal. But almost all have radically scaled back expectations of what, if any, output they expect this year.

International oil companies operating in Libya are pessimistic about the prospects of a return to stability during 2015. Several have slashed planned investment, and France’s Total has announced an impairment on its assets, according to a recent slew of quarterly results.

Austria’s OMV has cut back its investment program in the country, while US firm ConocoPhillips has said that its planned drilling is “uncertain.” Norwegian fertilizer producer Yara International, which relies on gas feedstock to produce ammonia and urea, has also announced a write down on the value of its investments. (CONTINUED - 2340 WORDS)