Angola, Nigeria Can't Immediately Replace Libya Oil - Sources

Dow Jones

25 Feb 2011

Angola, Nigeria Can't Immediately Replace Libya Oil - Sources

LONDON -(Dow Jones)- Angola and Nigeria can't immediately make up for missing shipments of Libyan oil, officials in the African countries said Friday.

The news come after Saudi officials said Libya production shut down by unrest could be replaced by West African light crude.

An official at the National Nigerian Petroleum Corporation said: "We have received expressions of interest" from European companies as substitute to Libyan crude. But asked if the company had any tankers to offer in response, he said "none."

The Nigerian official said the country has "very little" spare production capacity in case of long-term disruptions in Libya.

Another official at Angolan oil company Sonangol also said it had no spare cargoes. "We just sold our last tanker," he said.

Both Angola and Nigeria are set to operate at reduced levels due to technical issues or maintenance in the coming months.