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Libya Resumes Exploration Works Rises Crude Output

Source: Reuters 2/27/2012, Location: Africa

Libya has resumed oil exploration activities, and its crude output has climbed to 1.4 million barrels per day, while gas production is now at 2.3 billion cubic feet per day, the National Oil Corporation (NOC) said.

"The National Oil Corporation announced on Monday the return of exploration activity in Libya. Seismic surveys at oil concessions belonging to the Arabian Gulf Oil company have resumed, and the Arab Company for Geophysical Survey (AGESCO) has started on Feb. 25 carrying out seismic survey operations in division 3 at NC4 concession in the Ghadames basin," said a statement on NOC website.

"A second division will start implementing an exploration programme at concessions 44-47-51-80 in Sirte basin by the end of March." It said oil operations activity had resumed at all fields and oil ports and the situation in the country is "secure and stable.

"The best proof of that (situation) is the return of output rates which are now at around 1.4 million barrels of oil per day while gas production rate reached 2.3 billion cubic feet per day."

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