Spain’s energy giant Repsol to resume activities in Libya if country recovers stability
Spanish energy and petrochemical company Repsol indicated that it would resume activities in Libya if only the oil-rich country returns to stability, Libya Observer reports.
José Carlos Bravo, the Regional Executive Director of the company, told the Energy Capitol & Power website that the Spanish energy giant still believes in the oil-rich African country.
For Bravo, Libya continues to play a crucial role in assuring the energy security of southern Europe and believes that it can also become a significant player in the renewable energies supply, Libya Observer notes.
“The stability of the country will be the key element to consolidate and further develop its strategic role in the mid- and long-term,” Bravo said.
“Libya has become a key country for the company’s growth strategy, thanks to successive discoveries and successful projects that are in turn contributing in a very significant way to the development and consolidation of the country’s current and future wealth and welfare,” he added.
Repsol entered Libya three decades ago but was forced to temporarily suspend activities during security challenges that engulfed the country after the fall of former leader Muammar Gaddafi in 2011.
The company has cooperated with the National Oil Corporation (NOC) and Akakus Oil Operations in three main lines of actions including protecting the field infrastructure by targeting the main pipelines and storage tanks repairs and replacements, in addition to resuming suspended exploration and drilling activities, to maintain the current production level and to progressively allow El Sharara daily production to increase.
The oil-rich country is inching towards crucial presidential elections of next month expected to end a decade of chaos and lack of a central government.