Firms Face Up To Mounting Libya Write-Offs

The past year has seen a significant downturn in output for oil companies operating in Libya, with several firms recording their worst year since the toppling of Mu’ammar al-Qadhafi in 2011, and others deciding to write-off expenses from which they see no imminent return from production.

Production in Libya by France’s Total dropped to an average of 27,000 boe/d in 2014, its lowest level since 2011, according to figures...