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UPDATE 2-Libya's Al Jurf offshore oil field stopped-Total CEO
March 11, 2011 / 9:51 AM / in 6 years

UPDATE 2-Libya's Al Jurf offshore oil field stopped-Total CEO

2 Min Read

* Mabruk field has been stopped for some time

* Sees Libya oil output at 200-300,000 barrels per day

* Sees no problem of supply in global oil markets

(Adds CEO comment on Saudi Arabia, world oil markets)

PARIS, March 11 (Reuters) - Libya's Al Jurf offshore oil field has stopped producing amid turmoil in the country, Total (TOTF.PA) Chief Executive Christophe de Margerie said on Friday, but he played down concerns about the oil market overall.

"We were one of the last producers (in Libya) because one of our fields (Al Jurf) is offshore. Until last week we were still producing at that field but now it is stopped," de Margerie told journalists at a media briefing.

Referring to global oil markets, de Margerie said there was no supply problem. "Today, overall, there is no problem of supply in the markets, there is no reason to panic," he said. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For a take-a-look on Libya, Middle East, North Africa unrest: [ID:nLDE71O2CH] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Asked about political unrest in Saudi Arabia, the world's top crude exporter, de Margerie played down the risk. "There is a political risk, yes. Is it significant? I don't think so."

Libya's Mabruk oil field had been stopped for some time, de Margerie said. A Total executive had said at the start of the month production at the Mabruk field would gradually come to a halt. [ID:nLDE7211C1]

The head of the French oil major estimated Libya's current oil output at between 200,000 and 300,000 barrels per day. (Reporting by Mathilde Cru; Writing by Helen Massy-Beresford; Editing by David Holmes)

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