Business is booming.

Spanish Oil Giant Repsol to return after Libya’s improvement in security

By Nneka Nwogwugwu

Spanish Oil Giant Repsol has expressed its desire to resume activities in Libya.

The National Oil Cooperation said Wednesday,that the Oil Giant was encouraged by the improvement in the security situation, following a meeting with Ripsol’s representative in Tripoli, local media, Libya observer reports .

Repsol, which was present in Libya since the 1970s, had suspended its upstream operations because of the 2011 uprise that overthrew Muammar Al-Gaddafi, halting its operations in several on and offshore blocks, including the nation’s largest Sharara oil field.

The Director-General of Repsol, Libya Branch, who is visiting Libya, said the acceptable security conditions prompted their senior management to consider resuming operations again.

He confirmed that they are currently conducting an intensive study to switch their operations in the Sharara field to solar energy.

The results of studies and evaluations will be presented to the foundation’s board of directors upon completion to move forward with the implementation of this vital project, Repsol’s officials said, as quoted by the NOC.

However, he did emphasize the need for the Sharara field to undergo maintenance operations to achieve the desired goals and contribute to fostering production in the coming years.

Get real time updates directly on you device, subscribe now.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More