Shell to exit Libya image

Royal Dutch Shell PLC will quit Libyan exploration blocks amid incessant attacks on oil fields and harsh contracts.

The Anglo-Dutch giant insisted it was still interested in the country, which is holding Africa’s largest oil reserves. But the move casts a cloud on Libya’s recovering oil industry as Shell had originally planned sizeable investments in the blocks.

The announcement comes after rival BP announced on Tuesday that it would resume operations in Libya after they were suspended last year because of the conflict.

The company’s decision was announced during a meeting with NOC chief Nuri Berouin and a “high-level delegation” from BP headed by vice president for exploration Mike Daly, the report added.

Libya is sitting on 47bn barrels of oil, the world’s ninth largest reserve, according to the OPEC oil cartel.