U.S. oil giant ConocoPhillips has restarted operations in Libya and hopes to restore its pre-war production level of 350,000 barrels a day of oil in over a year, the firm’s top executive said.
Jim Mulva told Zawya Dow Jones in an interview in Qatar’s capital that it could take “several years” before the company is producing 700,000 barrels a day of crude oil in the North African state.
“We think we can get back to 350,000 (barrels a day) and then go back to our initial plans and hopefully restore it by as much as even double,” Mulva said.
Conoco partners in Libya with fellow U.S. firms Marathon and Amerada Hess in a joint venture called Waha Oil, which is owned by Libya’s state-run National Oil Corp.
Conoco’s total capital expenditure is set to reach $15.5 billion in 2012 but Mulva said that could rise in 2013.
Source: Dow Jones
Jim Mulva told Zawya Dow Jones in an interview in Qatar’s capital that it could take “several years” before the company is producing 700,000 barrels a day of crude oil in the North African state.
“We think we can get back to 350,000 (barrels a day) and then go back to our initial plans and hopefully restore it by as much as even double,” Mulva said.
Conoco partners in Libya with fellow U.S. firms Marathon and Amerada Hess in a joint venture called Waha Oil, which is owned by Libya’s state-run National Oil Corp.
Conoco’s total capital expenditure is set to reach $15.5 billion in 2012 but Mulva said that could rise in 2013.
Source: Dow Jones