Libya Oilfield Write-Off by Total Is Ominous Sign to Other Firms
Smoke rises from the port of the eastern Libyan city of Benghazi on Feb. 14, 2015, during clashes between forces loyal to the internationally recognised government and Islamist militias.
Photographer: Abdullah Doma/AFP/Getty ImagesThis article is for subscribers only.
Libya’s civil war is starting to force European oil companies to write off assets in North Africa as militias attack oil fields and terminals.
Total SA became the first major European group to take an impairment in Libya, writing off $755 million from its onshore assets, the Courbevoie, France-based producer said in its quarterly statement on Tuesday. Eni SpA and Repsol SA, which have much larger operations in the North African nation, have yet to mark down the value of their assets.