• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 5 hours Russian Message: Oil Price War With U.S. Would Be Too Costly
  • 23 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 1 day Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 2 days Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 15 hours Oil CEOs See Market Rebalancing as Outlook Blurred by China Risk
  • 7 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 6 hours Cheermongering about O&G in 2019
  • 20 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 2 hours UK, Stay in EU, Says Tusk
  • 6 mins Mexican Villagers kidnap & beat their own Mexican Soldiers to protect FUEL THIEVES ?
  • 2 days Oceans "Under Fire" Of Plastic Trash
Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Libya Aims To Double Oil Production Within 2 Years

Libya plans to pump 2.1 million bpd of crude oil by 2021 if the security situation improves, the chairman of the National Oil Corporation, Mustafa Sanalla, said as quoted by Reuters this weekend.

The ambitious plan would represent a doubling of the current rate of production in the North African country: according to Sanalla, Libya’s output currently stands at 953,000 bpd. That’s less than what the country produced earlier this year, prior to the latest blockade of the largest field, Sharara, which removed more than 300,000 bpd from the total daily average. However, it’s more than what Libya pumped in the summer when violent clashes at its oil terminals crushed oil production by almost half from the 1 million bpd earlier in the year.

Sharara, on which NOC declared force majeure in mid-December, has yet to resume production when the security conditions for workers improve, Sanalla said, adding that incidents such as the blockade by tribesmen and members of the Petroleum Facilities Guard demanding payments to lift the blockade, are discouraging foreign companies from returning to Libya and helping it to expand its oil production.

However, Sanalla said, BP will be returning to the country and so will Russian companies, which he declined to name. Last October, BP’s chief executive Bob Dudley told Reuters that BP and Eni will begin exploratory drilling in Libya in the first quarter of next year. BP has 85 percent in an offshore oil and gas block in the North African country, and earlier this year the Italian major struck a deal with BP to buy half of it. “I’m not sure about this year since it takes time to set up offshore rigs but Q1 for sure,” Dudley said at the time.

Chinese companies might also join BP and the Russians in Libya, according to Sanalla. He announced at a news conference that he would visit China by the end of March this year to discuss investment opportunities.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Bobby Cullari on January 07 2019 said:
    Remember when the crybabies shrieked about the coming oil shortage? These alarmist dimwits claimed we had between 30 and 50 years before supplies were depleted. Well that was over 40 years ago. We have more oil than we can pump!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News