Bloomberg News

Total Says Al-Jurf, Sharara to Add to Fourth-Quarter Output

October 28, 2011

(Updates with CFO comment in second paragraph.)

Oct. 28 (Bloomberg) -- Total SA, Europe’s third-biggest oil company, will add about 10,000 barrels a day of oil from Libya to production in the fourth quarter after the Sharara field started, Chief Financial Officer Patrick de la Chevardiere said.

The French company’s share of output from Libya could reach 50,000 barrels a day in the second half of next year, he said. That’s almost the level seen before the country’s civil war.

Production at the Al-Jurf offshore field, in which Total also has a stake, began again last month while output restarted three days ago at Sharara, operated by Repsol YPF SA. Libyan oil production slumped to 60,000 barrels a day in July from 1.7 million barrels in January, according to the International Energy Agency, as a result of the uprising against the rule of Muammar Qaddafi.

Total and other producers including Eni SpA, Marathon Oil Corp. and ConocoPhillips withdrew from Libya earlier this year when the violence erupted.

The French oil company has a 15 percent stake in the Mabruk onshore field, a 20 percent stake in Al-Jurf and a 3.9 percent stake in El Sharara, according to Total’s 2010 annual report. Total owns 37.5 percent of Mabruk’s operating company, which is half owned by Libya’s National Oil Co., the French explorer has said.

Total’s share of output from all its Libyan operations was 55,000 barrels of oil equivalent a day last year, according to the document.

--Editors: Stephen Cunningham, Tony Barrett.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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