Press TV
September 6, 2011
Rainer Seele, who heads Germany’s Wintershall Co., says countries taking part in NATO operations in Libya, topped by Italy and France, are now racing for the Libyan oil, Deutsche Welle reported on Monday.
Libya produced 1.6 million barrels per day (bpd) of oil before the war and supplied two percent of the world’s oil by exporting 1.3 million bpd.
A large part of the country’s oil and gas reservoirs still remain unexplored.
In addition to Western concerns, high quality of the Libyan oil has even attracted Russian oil and gas companies. The former Russian President Vladimir Putin visited Tripoli in 2008 to discuss oil and gas cooperation.
Gerhard Roiss, head of the Austrian OMV Company, told German daily Suddeutsche Zeitung that it would take a year before oil output in Libya returned to pre-war levels.
“Pumping stations as well as Libyan terminals and ports have been badly damaged,” he added.
OMV started activities in Libya in 1985 and some of its contracts will not expire before 2030. Its chairman believes that the company’s activities will continue after Gaddafi is gone.
Revolutionaries believe that a small part of Libya’s frozen assets, which NTC estimates at about 170 billion dollars, will suffice to rebuild the country’s oil industry.
Glencore International, the world’s biggest dealer of raw materials, has already signed its first contract with NTC for transport of the Libyan crude.
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