11/23/2016
LONDON -- Wood Mackenzie's latest study on Libya's oil production shows the country's output has doubled from 300,000 bopd in early September to close to 600,000 bopd today, adding to the global oil supply glut.
Although an OPEC member, Libya's output has fallen so drastically it won't be bound by any production restrictions. The country will seek to recover its lost market share, notably in southern Europe where refineries prize its light, sweet blends.
"Libya's oil production increases have occurred despite the absence of a political agreement between competing administrations, and an ongoing security vacuum," said Martijn Murphy, research manager at Wood Mackenzie.
Thursday, 17 November 2016 - 09:14Anita Fatunji
(Ecofin Agency) - The Organization of the Petroleum Exporting Countries (OPEC) has given Libya the green light to increase its crude oil export regardless of a deal being set up to cut production to manage the oversupply of crude oil and bolster prices.
According to the chairman of the National Oil Corporation (NOC), Mustafa Sanalla, Libya’s production currently stands at 600,000 barrels of oil per day and has Africa’s largest crude oil reserves.
He added that the goal is to increase oil production to 900,000 barrels per day by the end of this year and target 1.1 million barrels of oil per day in 2017.
Sanalla said Libya is heading toward economic revival but ongoing clashes still put oil facilities at risk of being attacked again.
By SALEH SARRAR, HATEM MOHAREB, SALMA EL WARDANY on 11/9/2016
TRIPOLI, Libya (Bloomberg) -- Libya’s largest oil export terminal may re-open as early as next week in a move that would provide relief for the cash-strapped country holding Africa’s largest crude reserves.
Tankers may be able to load at Es Sider port by next week as maintenance work at the terminal is almost complete, a National Oil Corp. official said by phone on Tuesday, asking not to be identified because he’s not authorized to speak with news media. Es Sider hasn’t exported crude since force majeure, a legal status protecting a party from liability if it can’t fulfill a contract for reasons beyond its control, was declared on loadings almost two years ago.
Libya currently produces 660,000 bopd, the official said. This compares with production of about 1.6 MMbopd before the 2011 uprising that ousted longtime leader Moammar Al Qaddafi. Output withered after international oil companies withdrew amid the conflict between rival governments and armed groups over the nation’s oil fields, ports and pipelines.
Friday, 28 October 2016 - 08:54Anita Fatunji
(Ecofin Agency) - Libya has witnessed an extraordinary increase in oil production reaching 670 thousand barrels per day, according to the head of the media office of the Libyan Tripoli-based National Oil Corporation (NOC), Mohammed Al-Maghribi.
“That is all because the NOC has resumed work in some previously-shut oilfields,” he said.
The country’s oil production has been gradually increasing, following the reopening of key terminals and oilfields as well as the resumption of exportation. An official at the NOC, Ibrahim Al-Uwami, said that Libya’s oil output is steadily rising and is expected to reach 1.5 million bpd once the necessary budget for refurbishment procedures in the oilfields and terminals is provided for the NOC.
“That would skyrocket our oil production in no time, coupled with reopening Al-Sharara and Al-Feel oilfields in the south,” Al-Uwami explained.
Monday, 21 December 2015
The state oil company of Libya's eastern government has signed a deal to sell 2 million barrels of crude to Egypt, a spokesman said, boosting its efforts to win exports even as most trading companies prefer to deal with the rival western government.
The eastern government has for months been pushing to sell oil of its own without passing through the control of the Tripoli NOC and central bank in the west of the country, securing revenue from Libya's biggest natural resource.
Egyptian officials were not immediately available to confirm the agreement and the eastern oil company advisor Mohamed al-Menfi gave no further details.
Caught in chaos after the 2011 ouster of Muammar Gaddafi, Libya has two rival governments, each operating separate national oil corporations (NOCs) and oil ministries, creating confusion over the control of oil assets.
Western powers recognize the government in the east of Libya after an armed faction took over Tripoli last year and set up its own government. But the Western powers and most oil traders only recognize the original NOC, which is based in Tripoli and not in the east of the country.
A delegation from the eastern NOC headed by chairman Naji al-Moghrabi had visited Egypt and signed a deal for the crude shipment and also for training and exchanges related to the oil industry, al-Menfi told Reuters on Sunday.
"The shipment of 2 million barrels has not been sent yet to Egypt," he said.
Delegates from Libya's warring factions signed a U.N.-brokered agreement last week to form a national unity government, a deal which Western powers and Libya's North African neighbours hope will bring stability.
SOURCE
