Repsol and its partners would resume their pending exploration commitments in Libya as soon as practically possible if the situation remains stable, says the company's Regional Executive Director José Carlos Bravo, who explained that this comes after positive indications of the country's stabilization.
Speaking to the Energy Capitol & Power website, Repsol's official said that 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.
"The stability of the country will be the key element to consolidate and further develop its strategic role in the mid and long term."
According to Bravo, Repsol has been working in Libya for nearly three decades and only interrupting them in situations of force majeure. "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."
Currently, the company is cooperating with the National Oil Corporation (NOC) and Akakus Oil Operations in three main lines of actions, Bravo revealed, 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.