Monday, Jul 02, 2012
DUBAI--Algerian state-run energy producer Sonatrach has resumed its operations in neighboring Libya more than a year after it halted its drilling work due to fighting between rebels and former Libyan dictator Moammar Gadhafi, the official Algrie Presse Service, or APS, reported Monday, citing the firm's chief executive Abdelhamid Zerguine.
The firm, which had not produce oil or gas in Libya, but had operated several exploration blocks, has started drilling in the Zintan region in the north west of Libya, which has reserves of about 45 million barrels of oil, Mr. Zerguine told APS.
Production is expected to start in about 12 to 18 months, he added.
Sonatrach is one of the last oil companies to return to Libya after being forced to interrupt oil-exploration plans last year because of the civil war in the OPEC member, with Africa's largest oil reserves.
Libya's oil recovery has been one of the country's main success stories, with most companies producing oil there now, and output nearly restored to pre-war levels.
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(END) Dow Jones Newswires
02-07-12 0954GMT
