By IANS,
Tripoli: Libya’s biggest oil company Wednesday declined to resume production due to the uncertain security situation that prevails following widespread protests against the country’s leader, Muammar Gaddafi, Xinhua reported.
The Benghazi-based Arabian Gulf Oil Company (AGOC) has a production capacity of 450,000 barrels per day, about 30 percent of the aggregate capacity of the whole country. Most of AGOC’s oil fields are in the rebel-controlled eastern part of Libya.
The company’s production was totally shut down as the security of the oilfields and workers cannot be guaranteed under the current situation, AGOC spokesperson Abdel Talil Mayuf said.
The company cut down 70 percent of its production capacities after the large-scale anti-government protest broke out around the country since February. But all production was suspended April 4 as its oil fields in Misla and some other areas were attacked by the forces loyal to Gaddafi, he said.
He said the company could resume oil production shortly after the conflict ends.
He also said that presently almost of all oil production in Libya were suspended, however the opposition-controlled area was not facing shortage of fuel as Qatar’s supplies has arrived. Libya has an oil production capacity of 1.6 million barrels per day before the unrest tore the country.
Libya has been witnessing mass unrest against Gaddafi’s 41-year-old rule since Feb 14 this year.