Eni SpA (ENI.MI, E) expects to resume some Libyan natural gas production by mid-October, though oil production could take much longer, Chairman Giuseppe Recchi said in an interview with The Wall Street Journal and Dow Jones Newswires.
Eni SpA (ENI.MI, E) expects to resume some Libyan natural gas production
by mid-October, though oil production could take much longer, Chairman Giuseppe
Recchi said in an interview with The Wall Street Journal and Dow Jones
Newswires.
Recchi said restarting oil production is more technically demanding than
restarting natural gas, and it could take a year for oil output to resume.
Libya
's oil
output has fallen from over 1.6 million barrels a day due to shutdowns related
to the uprising to overthrow Col. Moammar Gadhafi.
Major oil producers are still assessing what damage, if any, occurred to oil
fields and transportation infrastructure. And there are still safety concerns
amid continued fighting in some areas.
Eni's quarterly results took a hit from the loss of Libyan output. At the start
of
Libya
's
civil war in mid-February, Eni had the largest operations of any foreign energy
company in
North Africa
, with hydrocarbon output of
about 280,000 barrels a day of oil equivalent.
Recchi added that it's too early to say whether the transitional government is
prepared for a quick resumption of crude production. Conditions in the country
remain difficult for conducting normal business operations, he noted.
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