Democracy’s great, but what about Libyan oil?
Six months of civil war have left Libya’s oil industry in chaos, with fields that once pumped around 1.6 million barrels per day deserted and export terminals, pumping stations and pipelines damaged by fighting and sabotage, Reuters said.
With opposition fighters now in control of most parts of the capital, Tripoli, and the battle for control of the country probably in its final phase, industry executives and analysts say much of the country’s oil output could be restored within months if peace can be established quickly.
Although Libya will struggle to return to pre-war output levels for the foreseeable future, output of as much as 1 million barrels per day could be feasible within months, they say.
Much will depend on the damage done to infrastructure and equipment in the last stages of the fighting between forces loyal to Moammar Gadhafi and rebels trying to end his 41 years of rule.
An official working for Libya’s Arabian Gulf Oil Co., which has been operating the Sarir and Mesla oilfields under rebel control, said last Friday that output from its area could resume within three weeks. Click here to read more.