Repsol Operations in Libya

=History=

Repsol has had a presence in Libya since the 1970s and by 2011 production in Libya represents around 3.8 percent of the company's global output.

In February 2011, Repsol shut down production at Libya's El-Sharara oil field, which was said to provide 13 percent of Libya's estimated 1.6 million bpd output. This was in reaction to increasing upheaval in the country, leading up to the overthrow of Gaddafi. In November 2012 the company reported that production in Libya was again at 44,000 barrels per day (bpd) and was planning to resume exploratory drilling in early 2013 as the industry recovered from the war.

=Activities and contracts=

As of 2011 had rights over 10 blocks, nine of which are onshore and one in the offshore basin of Sirte. Eight of the blocks are exploratory and two are for production.

The I/R field, discovered in 2006, entered production in June 2008 and was forecast to reach a production level of 75,000 bpd once installations are completed 2012-13. Production at the "K" field was approved by the NOC in December 2008 and came onstream in May 2010.

In 2009, Repsol made its first offshore hydrocarbon discovery off the coast of Libya, at the NC202 block. Repsol was to lead the development and holds a 21% stake, with the NOC holding 65% and OMV 14%.

In 2008 Repsol renegotiated their contracts with the Libyan National Oil Corporation (NOC), agreeing to significantly reduced terms for the right to continue work, including large up-front signing bonuses. The renegotiated deal extended Repsol's projects up until 2032.

=References=