Wednesday, March 22, 2017

Libya's oil output rebounds, nearly matching levels prior to clashes - WORLD OIL

By SALMA EL WARDANY on 3/22/2017

CAIRO (Bloomberg) -- Libya’s oil production has climbed to almost match the level before clashes disrupted output three weeks ago and forced the OPEC nation’s two biggest oil ports to halt shipments.

Output has climbed to 699,000 bpd, Jadalla Alaokali, board member at state-run National Oil Corp., said by phone. The nation’s biggest port, Es Sider, will load a tanker with crude on March 26, resuming shipments for the first time since earlier this month, he said.

The tanker, still to be nominated, is set to load one million barrels at Es Sider, according to a person familiar with the situation, who asked not to be identified because the matter isn’t public.

Libya has sought to boost crude exports after fighting among rival militias hobbled oil production following the 2011 revolt that ousted former leader Moammar Al Qaddafi. The conflict showed signs of calming in recent months, with oil output rising from 260,000 a day in August, according to data compiled by Bloomberg. Libya pumped 1.6 MMbpd before Qaddafi’s ouster.

The country’s biggest oil field, Sharara, will increase output by 70,000 bpd in a few weeks, from 221,000 bpd currently, the NOC said in a statement on its website Tuesday, citing Chairman Mustafa Sanalla. Sharara is operated by Repsol SA and is located in the far west of the country.