Libya could increase its oil output by 200,000 barrels per day by the end of the year, depending on the security situation, according to an executive from Austria’s OMV. This comes as the OPEC producer prepares to host legislative and presidential elections on 24 December.
In a Gulf Intelligence webinar on 4 August, Vladimir Langhamer, Managing Director of supply & trading at OMV said, “Libya is at the upper limit of the range they can do till the end of the year. There is, I would say, another 100,000-200,000 b/d that can come out of that if everything ends up correctly. They have the potential for more, but it needs time and it needs investments.”
OMV is active in Libya, with a significant stake in the country’s largest oil field El-Sharara, and the Nafoora Augila fields. The Austrian energy company is also present in blocks C103, NC29/74, C102.
The restoration of Libyan production has helped OMV report a 6% increase in second-quarter oil and gas output on 28 July. OMV’s average output increased by 26,000 b/d of oil, equivalent to 490,000 boe/d during the quarter, owing to higher volumes in Libya, Malaysia, and Tunisia.
Libyan production was at full capacity throughout the quarter, according to OMV. It is still recovering from the impact of the force majeure caused by last year’s conflict.
Libya’s crude production has been averaging around 1.15 million-1.20 million b/d during the past two months, according to the S&P Global Platts estimates.