Foreign Oil Companies Resume Production in Libya

With a sense of normalcy beginning to Libya as the National Transitional Council (NTC) mops up the last remaining pockets of Gaddafi loyalists, crude oil production, lifeblood of the Libyan economy, has been restarted in earnest and foreign oil companies have begun to filter back into the country.

Eni S.p.A (NYSE:E), the largest foreign producer oil in Libya at 273,000 barrels of oil equivalent (boe) per day, announced on Sept. 26th that it had restarted operations at 15 wells in the Abu-Attifel field 300 km south of Benghazi, with production at 31,900 barrels per day (bpd).