All publications by tag «LIBYA»
BLOOMBERG - With a fragile political accord barely holding the country together, Libya faces an array of challenges preventing its return to the output levels of about 1.6 million barrels a day pumped before the 2011 uprising against Muammar Qaddafi.
BLOOMBERG - Libya, which has been stepping up efforts to boost oil output, will maintain its current production level until the end of next year to stay in line with OPEC’s agreement to trim global supplies.
Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
Three Libyan oilfields have gone offline and output has declined by 360,000 bopd after militia violence, the country’s NOC announced.
Libya's oil production is 1.069 million b/d, and the country hopes to grow its output to as much as 1.25 million b/d this year, a source close to production said Monday.
Libya froze all new foreign investment in 2011 after the civil war that toppled strongman Moammar Gadhafi. International oil companies such as Total SA of France and ConocoPhillips have long had operations in Libya, and Eni SpA of Italy has found ways to keep pumping even as clashes among warring militias and Islamic State damaged the country’s oil infrastructure.
Operations have restarted at two key oil fields and a connected pipeline in Western Libya that have been shut down for over two years, Libyan officials said, following an agreement with local tribes.
"Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for the foreseeable future," NOC Chairman Mustafa Sanalla told delegates at the Arab-Austrian Economic Forum in Vienna on Friday, according to an NOC statement.
Libya, a member of the Organization of Petroleum Exporting Countries, is struggling to boost crude production and exports since the NOC reached an agreement in September with Khalifa Haftar, the commander of forces controlling important oil ports. As a result of the deal, the country was able to ship 781,000 barrels from the port of Ras Lanuf on Sept. 21, the first international cargo from that terminal since force majeure was declared in December 2014.
If Nigeria and Libya restore production, the kingdom may need to cut twice as much. U.S. shale drillers also stand ready to fill any supply gap.