Petro-Canada’s Libyan Operation Not Affected by Tank Fire
Petro-Canada, Canada’s fourth largest oil producer, said a fire in the 450k barrel storage tank at the Ras Lanuf, Libya, petrochemical and refining facility has not affected field operations in the country, nor is it likely to have a significant financial impact.
According to a company statement the tank is owned by Harouge Oil Operations, a joint venture with Libya’s National Oil Co., 49% owned by Petro-Canada.
Just 2 months ago, Alberta-based Petro-Canada signed 6 long-term exploration and production agreements with the Libyan state oil company that would see the joint venture invest $7bln on an oil field redevelopment program at Ras Lanuf facility and double production to 200k barrels a day over the next 5 to 7 years.