Repsol Libya Joint Venture Oil Production At 200,000 B/D

Wednesday, Dec 07, 2011

(This story was originally published Tuesday.)

DOHA (Zawya Dow Jones)--Repsol YPF SA's (REP.MC) top executive said Tuesday oil production at its Libya joint venture had reached 200,000 barrels a day, already surpassing the Spanish company's target for next year.

"We are now producing about 200,000 barrels per day which is above our target," Antonio Brufau, Repsol's chairman and chief executive officer, told Zawya Dow Jones. "This is about 60% of our previous full production...it won't be easy to reach full production."

The accelerated ramp up at Akakus Oil Operations is the latest evidence that Libya's crude production is returning faster than expected following the toppling of late dictator Moammar Gadhafi.

Asked when he expected Libya's exports to reach pre-war levels, he said "it will take some time."

-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com

(END) Dow Jones Newswires

07-12-11 0400GMT