Libya Oil Production Reaches 1.186 Million Per Day

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Libya’s National Oil Corporation (NOC) said that its production of crude oil amounted to 1,186,000 barrels, during the past 24 hours.

In a statement, the NOC added that production increased by 3,000 barrels per day. This is compared to the last production statistic issued by the corporation on Tuesday, when production was 1,183,000 barrels.

The NOC indicated that condensate production amounted to 50,000 barrels, during the past 24 hours.

Total domestic consumption of natural gas amounted to 1.166 billion cubic feet during the past 24 hours, an estimated increase of 44 million cubic feet over last week.

Earlier this month, the NOC Chairman, Farhat Bengdara said that they plan to increase Libya’s production of crude oil to 2 million barrels per day.

Bengdara held a meeting with the NOC’s Budget Committee to follow up on the settlement of overdue salaries. They also discussed the NOC’s three-year plan, according to the extraordinary budget.

Bengdara said that increasing production “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 stressed that “the current capabilities, in terms of reservoirs and reserves, will help to reach these rates,” explaining that Libya’s crude oil production has surpassed 1.2 million bpd. As well as adding that increasing oil production has been the main goal of the Board since taking office.

On 30 June, the NOC stated that exports had ranged between 365,000-409,000 bpd. This was a result of the force majeure declared 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.