Wed. Apr 24th, 2019

Repsol reduced its crude production by 3% until March due to the conflict in Libya

Repsol reduced its crude production by 3% until March due to the conflict in Libya


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MadridUpdated:

Repsol's oil production during the first quarter of the year reached 705,000 barrels per day, 3% lower than the same period last year, as reported by the company to the CNMV today.

The main reason for this decline is the blockade of the Al Sharara deposit, in the Murzuq basin, south of Libya, which was inactive until March 4 due to threats from militias. Since then, the production of this rich deposit has been restored.

Repsol operates the Al Sharara block together with the Austrian OMV, the French Total, Norwegian Hydro and the local NOC. The Spanish oil company began its exploration and production activity in Libya in the 1970s, a country in which it is one of the main oil companies.

The company has also informed the CNMV that the refining margin in Spain stood at $ 5.3 per barrel, that is, a decrease of 19.7% compared to 6.6 dollars per barrel recorded in the first quarter of 2018.

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