Bloomberg News

Total Returns to Full Production at Offshore Sites in Libya

November 04, 2011

(Updates with official’s comment from first paragraph.)

Nov. 4 (Bloomberg) -- Total SA, Europe’s third-biggest oil company, said its Libyan offshore facilities are back to full output and onshore sites will resume completely in the first quarter after a conflict that overthrew leader Muammar Qaddafi.

“There was no damage at all to our facilities,” Jacques Marraud des Grottes, senior vice president for exploration and output in Africa for Paris-based Total, told the Africa Upstream oil conference in Cape Town today. “Within 15 days we are back to the level we were before” for offshore operations, he said.

Libyan oil output fell to 60,000 barrels a day in July from 1.7 million barrels in January, according to the International Energy Agency, after an uprising against Qaddafi. Producers such as Total, Eni SpA, Marathon Oil Corp. and ConocoPhillips halted operations in Libya earlier this year when violence erupted.

Total’s production from Libya currently stands at “around 40,000 barrels per day,” Marraud des Grottes told reporters. “We are working under the contract that we have. We are not renegotiating anything” with Libya’s new government.

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

Total will invest more than $6 billion in Africa this year, up from about $5.1 billion in 2010, Marraud des Grottes said.

“We still have large developments to come,” he said. “Investment will stay at rather a high level and will show a slight increase” going forward.

--Editors: Tony Barrett, Amanda Jordan

To contact the reporter on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net;

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.


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