Friday, Oct 21, 2011

-- Libyan/Canadan joint venture to load its first tanker soon after its production resumed two weeks ago.

--Harouge working on the resumption of oil terminal operations at Ras Lanuf--the eastern Libyan oil port

(Adds comment from Suncor in the fifth paragraph.)

LONDON (DOW JONES)--Harouge Oil Operations, the Libyan joint venture of Canada's Suncor Energy Inc. (SU) is to load its first tanker soon after its production resumed two weeks ago, the North African country's oil head said Friday.

In an interview with Dow Jones Newswires, Nuri Berruien, chairman of Libya's National Oil Co., said NOC is set to sell the first crude cargo from Harouge, in which Suncor has 49%, after production resumed at its Amal field two weeks ago.

It is unclear how much Harouge is currently producing. But its annual report Suncor said it received on average 35,200 barrels a day of oil equivalent from Libya in 2010.

Berruien said Harouge was working on the resumption of oil terminal operations at Ras Lanuf--the eastern Libyan oil port from where it shipped its crude before the war.

A cargo of Sirtica crude--which is normally produced by Harouge--is currently on offer for Nov. 1-Nov. 5 loading, traders said Thursday. A Suncor spokeswoman said "Suncor is aware Harouge has restarted production in Libya." "We are cooperating with them to the extent possible considering we have not returned ourselves to business in Libya," she added.

Suncor's news is emerging after a string of operations partly owned by foreign companies restarted following the toppling of Moammar Gadhafi in August. They include operations partly owned by Total SA (TOT), Eni SpA (E), Wintershall Holding GmbH, OAO Gazprom (GAZP.RS) and OMV AG (OMV.VI).

Overall, Libya's production has reached 430,000 barrels a day, NOC's Berruien said, citing the latest available records.

The ramp-up has taken aback analysts who had expected this level to be reached toward the end of this year.

The people restarting the fields "are the same people who overthrew Gadhafi, they have the same enthusiasm," Berruien said.

-By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@dowjones.com

(END) Dow Jones Newswires

21-10-11 2123GMT