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2017-10-23 11:15:00

LIBYAN OIL PRODUCTION 1 MBD

LIBYAN OIL PRODUCTION 1 MBD

LIBYA OIL FIELDS MAP

 

OGJWood Mackenzie Ltd. analysts believe Libya's oil production might have reached near-term limits with only gradual future growth. The possibility of longer-term political normalization and a reduction in the nation's political conflicts depends on Libya maintaining oil production.

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.

WoodMac said export capacity remains constrained by damage to the key ports of As Sidrah and Ras Lanuf, limiting production to a maximum of 1.25 million b/d, which Libya's National Oil Corp. has announced as its yearend target.

"Reaching this would be quite an achievement, given ongoing challenges, including international oil companies' reluctance to recommit capital and expertise, a national oil company starved of funding—and, not least, the propensity for violence to flare up and armed groups to hinder oil output," WoodMac said in an Oct. 20 note.

American and Canadian oil companies continue to view Libya with trepidation, and some may seek to mitigate exposure there, analysts said. But many European companies consider the risks manageable and envision a gradual reentry into projects.

The Organization of Petroleum Exporting Countries exempted Libya from production-cut targets, which WoodMac calls "a tacit acknowledgement of the upside limitations to the country's production recovery. We expect that it will be well into next decade before production is restored to prewar levels."

WoodMac believes Libya would be successful if it maintains stable production of 1 million b/d, adding that incremental interim gains might help avert a deepening of the country's conflicts.

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Earlier:

LIBYAN OIL DOWN 360 TBD
2017, August, 31, 12:20:00

LIBYAN OIL DOWN 360 TBD

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 UP TO  1.069 MBD
2017, July, 28, 09:55:00

LIBYA'S OIL UP TO 1.069 MBD

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 NEEDS $100 BLN
2017, January, 26, 18:45:00

LIBYA NEEDS $100 BLN

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.

 

 LIBYA WON'T CUT
2016, November, 28, 18:45:00

LIBYA WON'T CUT

"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'S OIL PRODUCTION: 300 TBD
2016, September, 19, 18:40:00

LIBYA'S OIL PRODUCTION: 300 TBD

Oil traders have closely watched the situation in Libya, where production now stands at about 300,000 barrels a day—a level that Libyan officials say they could quickly ramp up again if oil ports remained open and secure for an extended period.

 

 LIBYA HAS STARTED
2016, August, 9, 18:50:00

LIBYA HAS STARTED

Libya is seeking to boost crude production after rival leaders agreed last month to unify the state National Oil Corp. under a single management. The bulk of the country’s oil infrastructure is either damaged or straddles disputed territory as armed factions fought for control of producing fields.

 

 LIBYA: KEY TERMINALS REOPENS
2014, July, 7, 17:40:00

LIBYA: KEY TERMINALS REOPENS

Key Libyan oil terminals set to reopen

Tags: LIBYA, OIL, PRODUCTION

Chronicle:

LIBYAN OIL PRODUCTION 1 MBD
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

LIBYAN OIL PRODUCTION 1 MBD
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

LIBYAN OIL PRODUCTION 1 MBD
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

LIBYAN OIL PRODUCTION 1 MBD
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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