Gulf Oil and Gas accountACCOUNT

Libya Sees Return to Pre-War Oil Output in October

Source: Reurers 7/26/2012, Location: Africa

Libya expects to be back to pre-war oil production in October, later than previously forecast due to interruptions and the slow return of oil services firms to the North African country, Deputy Oil Minister Omar Shakmak told Reuters.

Output has climbed back close to pre-war levels of 1.6 million barrels per day (bpd) since a virtual standstill during last year's uprising that ousted Muammar Gaddafi but protests and interruptions have dealt the sector several setbacks.

"If everything goes as planned and there are no more interruptions, I think within three months time from now ... we hope we will achieve the 1.6 (million bpd)," Shakmak said. "Our plan was for by the end of July, the second quarter, but there are a lot of reasons - one of them the interruptions and also the delay of the support from oil technical service contractors. They are not back 100 percent."

Shakmak said current output was 1.56 million bpd, climbing back up after three major oil exporting terminals in the east, shut down by political protests before Libya's July 7 elections, restarted. Local militia had enforced a 48-hour stoppage to protest against the election of a national assembly they complained did not adequately represent Libya's eastern region.

The stoppages at El-Sider, Ras Lanuf and Brega shut half of Libya's oil exporting capacity and production was also cut by 300,000 bpd as a result of blockages at the terminals.

"Interruptions will affect the achievement of the objectives," Shakmak said. "No one can guarantee this can't happen again but we should do our best to avoid it."

In April, the headquarters of Libya's largest oil firm in the eastern city of Benghazi were closed off by protesters. And while foreign oil companies have returned to the country, services contractors have not been as fast as they await a clearer political and legal landscape after the polls.

FUTURE PLANS
Going forward, Libya plans to boost production which could reach 2 million barrels by end-2015, Shakmak said. "We're talking about the capacity of the production but the plan is that we should be able to have such production," he said.

He said there were also study proposals to upgrade the country's refineries and build two new ones. "A plan is being discussed for the development of the refinery industry in Libya, both upgrading the existing refineries and to have new refineries," Shakmak said. "They will study where we will have these two refineries - maybe in east, in the Tobruk area and Derna and the other one in the south." Asked when Libya's largest refinery, Ras Lanuf, would restart, Shakmak said: "Hopefully as soon as possible."

Ras Lanuf, which can process 220,000 bpd accounts for well over half of Libya's oil refining capacity and is an important source of refined oil products in the Mediterranean region.

The plant, run by a joint venture between Libya's National Oil Corporation and the Emirates-based Al Ghurair group, was shut during the war and its restart has faced repeated delays.

Production News in Libya >>

Iran >>  4/22/2019 - The Iranian Offshore Oil Company (IOOC) has increased oil production from Dorous offshore oilfield by launching Well D-6 in the field. ...
Russia >>  4/22/2019 - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Sergey Levchenko, Governor of the Irkutsk Region, took plac...

Iran >>  4/20/2019 - The CEO of Petroleum Engineering and Development Company (PEDEC),Touraj Dehghani,said that a number of wells had been closed in flood- hit in the West...
Azerbaijan >>  4/16/2019 -  SOCAR commissioned its highest-capacity well drilled at Umid field; it will produce 900 million cubic meters of natural gas annually ...

Nigeria >>  4/15/2019 - MX Oil plc, an oil and gas investing company quoted on AIM, announces the following corporate update: ...
Iraq >>  4/14/2019 - Dana Gas PJSC (the "Company"), the Middle East's largest regional private sector natural gas company, announces that during Q1 2019, Pearl Petroleum C...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Libya Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.