Libya expects its oil output to increase by almost double following the end of a strike at one of the country’s largest oil fields.
But the news comes as ExxonMobile confirmed it was significantly withdrawing its operation from the country due to the growing instability in the North African state.
Exxon, mostly involved in offshore exploration in the country, would not confirm how many staff were to be withdrawn.
“The security and business situation means we can no longer justify maintaining a large office presence in Libya,” a spokesman for the company said.
“We are not giving up on seeking to develop a business in Libya. There are many ways in which ExxonMobil could add value and we welcome discussion with Libya of any mutually beneficial investment opportunities that may arise once the security situation stabilizes.”
The company is the latest major to reconsider its presence in Libya, where production has been disrupted by strikes and attacks by local militia.
An end to the strike on the El Sharara field last night is expected to see production levels in the country increase dramatically, however.
Deputy oil minister Omar Shakmak said production was expected to reach between 400,000 and 450,000 barrels per day now pumping had resumed on the field. It had been down to 230,000bpd during the strike.
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