Foreign oil companies are returning to Libya to revive its most important industry after half a year of civil war.
An offshore field operated by a Total joint venture was due to start pumping yesterday and could begin exporting in as little as three weeks, an executive told Dow Jones.
Meanwhile Austria's OMV is set to redeploy foreign staff within days.
"Our people will go into Libya next week," Gerhard Roiss, the chief executive of OMV, told Bloomberg News on Thursday. "As we see it, the situation is quite stable."
The Libyan state-controlled Arabian Gulf Oil Company restarted some production this month but OMV and Total are the first international companies to do so.
OMV, which is one-fifth owned by Abu Dhabi, reported a 26 per cent drop in profit earlier this year in part because of the Libyan shutdown.
Government officials as well as the chief executive of the Italian producer ENI have travelled to Tripoli recently to make sure their interests will be looked after in the new Libya.
"They're all trying to go in as quickly as possible," said Samuel Ciszuk, the Middle East energy analyst at IHS Global Insight in London. "They want to rebuild."
The National Transitional Council, the interim government operating out of Tripoli and Benghazi, has said it would honour contracts from the old regime.
It is due to announce a new cabinet as soon as next week, officials said this week in Dubai.
Libya, an Opec member country, was pumping about 1.6 million barrels per day (bpd) before the conflict,which with natural gas accounted for the majority of the government's revenue.
Its light, sweet crude represents 1.5 per cent of global supply, and producers and consumers alike are closely watching for its return to the market, which analysts say could take as long as three years.
Al Jurf field, however, the offshore site operated by the Total joint venture, could hit its full capacity of 41,000 bpd within 10 days, Ahmed Abulsayen, the chairman of the joint venture's operators committee, told Dow Jones on Wednesday. It exports via an offshore terminal. Total was not available for comment.
Another location where analysts are expecting a quick restart are the NC 96 and 97 fields, operated by Germany's Wintershall. The offshore fields produced about 80,000 bpd before the conflict.
"We will start production operations again when the security situation allows us to do so," said Stefan Leunig, a spokesman for Wintershall.
But prospects in the Sirte Basin, a stronghold of the old regime where damage to oil infrastructure has not been fully assessed, remain more uncertain.
Another company mulling a return is BP, which had been preparing to start deepwater exploratory drilling in the Gulf of Sirte in February when the uprising began.
"We have to build a new relationship with the new government, so it's obviously not just a matter of when we choose to go in," said Robert Wine, a BP spokesman.
ayee@thenational.ae
* With agencies
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Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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COMPANY%20PROFILE
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Company%20Profile
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Company%20profile
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
Zayed Sustainability Prize
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Planes grounded by coronavirus
British Airways: Cancels all direct flights to and from mainland China
Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30
Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong
Ai Seoul: Suspended all flights to China
Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March
Indonesia's Lion Air: Suspending all flights to China from February
South Korea's Asiana Airlines, Jeju Air and Jin Air: Suspend all flights
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Brief scores:
Everton 2
Walcott 21', Sigurdsson 51'
Tottenham 6
Son 27', 61', Alli 35', Kane 42', 74', Eriksen 48'
Man of the Match: Son Heung-min (Tottenham Hotspur)
COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
COMPANY%20PROFILE
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