Repsol has announced a sharp fall in Q4 2011 profits as the Spanish oil company was hit by the suspension of oil production in Libya for large parts of 2011.
Net profit fell 90 per cent from the same period a year earlier to US$393mn in part because of the halting of oil production from Libya and other one-off items, Repsol said in a statement.
The company's overall oil and gas output declined 14 per cent to 292,000 barrels of oil equivalent a day (Boepd) in the quarter, from 341,000 Boepd, mainly due to the halt in production in Libya during to the civil war which took place last year.
A fall in upstream production "is mainly the result of suspended operations in Libya ," the company said. In October, operations in Libya resumed and gross production of almost 300,000 Boepd has already been achieved.
Elsewhere in the region, Repsol received approval last year from the Algerian authorities to start development work in the Reggane gas project in Algeria.
