Libya Oil Production Gets Boost with Resumed Operations at Oil Fields
Last updated on December 3rd, 2018
Just recently, Libya reopened its three oil fields to work and increased their Libya oil production up to 10000 bpd.
A spokesperson from Libya National Oil Corporation (NOC) said that there was a gradual increase in the production of oil after the three earlier shutdown small oil fields had become operational. A majority of the oil fields were forced to shut down a couple of months back in June due to attacks by the armed forces.
The Al-Bayda oil field was the first to get into operation after resuming its work on Tuesday however, the spokesperson from NOC also stated that directions to get oil fields at Tibesti and Dor Marada were also given out. The oil fields had been shut down for a couple of months when armed forces attacked the eastern oil ports in Libya.
As per reports Libya oil production operations suffered more than two weeks in the months of June and July and blocked nearly 850000 bpd of Libya’s oil from being exported from the four ports.
This affected the Libyan Government as Libya oil production dropped to just 673000 bpd in July as reported by the OPEC’s secondary sources. However, a gradual increase was seen coming in the months of August and September where production rose to 950000 bpd and 1.053 million bpd respectively as reported by OPEC in the monthly Oil Market Report of October.
NOC’s chairman Mustafa Sanalla also stated that Libya oil production for the month of September that is 1.278 million bpd was the highest production achieved by the country since 2013. He further said that if the social conditions in the country improved a further increase in Libya oil production could be possible to a new extent. If a gradual increase has been observed in the past few months, it is even possible that the resume in production from various fields could add up more to the country’s oil production.
Talking in detail Sanalla stated that the NOC is having talks with multiple international companies for investment and production in Libya’s oil industry. Sanalla said that international companies were keen on showing their interest in investing in the Libya oil production; however, it could be possible if the security conditions in the country improved. Sanalla, talking to Bloomberg said there could be an increase in thousands of barrels daily as soon as the Bp and Eni become operational at a shared field. BP’s chief executive, Bob Dudley, was reported of saying that Bp and Eni would be carrying out exploratory drills in Libya in the first quarter of the coming year.
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