Bloomberg News

PetroCanada’s Libyan Venture Says Conflict Damage $29 Million

November 02, 2011

Nov. 2 (Bloomberg) -- Harouge Oil Operations, a venture between Libya’s National Oil Corp. and Suncor Energy Inc.’s PetroCanada, said damage to its facilities in the North African country total about 35 million Libyan dinars ($29 million).

Harouge’s offices and infrastructure were vandalized by forces loyal to the late leader Muammar Qaddafi, whom opposition rebels were seeking to oust in the eight-month conflict, Chairman Abdulwahab Elnaami said on National Oil’s website.

The Ghani, Tibisti, En Naga and Al Jufra oil fields were sabotaged and some of their equipment stolen, Elnaami said. The venture expects to reach its full output level of 100,000 barrels a day by year’s end, Elnaami had said Sept. 25.

Libya, holder of Africa’s largest crude reserves, is striving to ramp up oil production to 1.59 million barrels a day after an armed rebellion against Qaddafi forced output to grind to a complete standstill. The Organization of Petroleum Exporting Countries member is currently pumping 500,000 barrels of crude a day, according to acting Oil Minister Ali Tarhouni.

--Editors: Rob Verdonck, Randall Hackley

To contact the reporter on this story: Ola Galal at ogalal@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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