September 6, 2011 / 12:55 PM / 7 years ago

Indonesian oil firm Medco to resume work in Libya

JAKARTA, Sept 6 (Reuters) - Indonesian oil producer Medco Energy said on Tuesday it is resuming its operations in Libya by the end of this week as the security situation has improved.

Medco expects to produce 50-60,000 barrels per day oil from the country by 2014, but halted work in February as violence spread in the region. Rebels swept into Tripoli last month and many countries have recognised Libya’s National Transitional Council as the country’s legitimate authority.

“Medco has confidence and its partners’ assurances to continue the project, both from the Libya Investment Authority and the National Transition Council,” said Medco spokewoman Ciska Alimin.

Indonesia’s state-owned oil and gas company Pertamina is also looking into resuming work on its Libya blocks as soon as possible, said Muhammad Husen, Pertamina’s upstream operations director.

“We are still waiting until the situation is more conducive to operate...We hope that our agreed deal will remain as we want to continue our presence there,” Husen told Reuters.

Pertamina, which runs two blocks through a partnership with Libya’s NOC state energy firm, also halted its operations and pulled out staff in February. Libya is now counting on restoring oil output to revive its economy. (Reporting by Andjarsari Paramaditha; Editing by Neil Chatterjee)

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