The Spanish company Repsol confirmed that Libya is one of the key pillars of its business growth strategy in the exploration and production sector, noting that Sharara field has a production capacity of approximately 350,000 barrels of oil per day, which reinforces the country’s position among Africa’s leading oil producers.

In a presentation on its operations in Libya, the company stated that its presence in Libya’s exploration and production sector dates back to the early 1970s, emphasizing that the successes achieved in its projects and discoveries have reinforced the importance of the Libyan market within its international business portfolio.

It clarified that exploration activities are managed through its subsidiary, Repsol Exploration - Murzuq (REMSA), while Akakus Oil Operations is responsible for development and production operations, as a joint operating company between the National Oil Corporation and a consortium comprising Repsol, TotalEnergies, OMV, and Equinor.

The company added that crude oil produced from the Sharara field is transported via pipelines to storage facilities in the city of Zawiya, 723 kilometers from the field, where the facility’s storage capacity is approximately 2.7 million barrels, which is used to supply the Zawiya refinery with its crude needs, as well as to load shipments destined for export.

Sharara field is Libya’s largest oil field and plays a pivotal role in crude production and oil exports, which constitute the country’s main source of public revenue and foreign currency, while the stability of Libyan production levels depends to a large extent on the field’s continued uninterrupted operation.