Libyan Oil Production Hits 1.22 Million

0
215

Libya’s National Oil Corporation (NOC) announced that crude oil production increased to 1.220 million barrels on Monday, compared to 1.211 million barrels on Sunday.

The corporation said in a statement, that condensate production amounted to 52,000 barrels during the past 24 hours.

On Sunday, the Waha Oil Company said that gas production in the El-Fargh field reached 149 million cubic feet per day, compared to 95 million previously.

The company added that the field’s condensate production recorded 9,000 bpd. The company is the second largest oil and gas producer in Libya, and is headquartered in Tripoli.

Last week, the Chairman of the NOC, Farhat Bengdara noted that they were aiming to raise oil production rates to 2 million bpd.

“This will be achieved in accordance with a 3-5 year medium-term plan, to increase crude oil production rates to two million barrels per day within available capabilities,” he said.

Bengadra stressed that “the current capabilities, in terms of reservoirs and reserves, will help to reach these rates,” explaining that the country’s crude oil production has surpassed 1.2 million bpd. He added that increasing oil production has been the main goal of the Board since taking office.

Prior to Bengdara’s appointment, the NOC stated on 30 June that exports had ranged from 365,000 bpd to 409,000 bpd. This was a result of the force majeure declares on loadings out of the Es Sider and Ras Lanuf terminals, as well as production at the El-Feel oil field, following the closures of the Brega and Zueitina terminals.

Crude production reached a two-year low of 650,000 bpd in June, according to the latest Platts survey of OPEC+ output by S&P Global Commodity Insights, against a capacity of 1.2 million b/d.

Libya has Africa’s largest oil reserves and hydrocarbons, which account for 95% of government revenues. This makes the control of the industry a key point of contention between its rival parties.