• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 12 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 35 mins Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 20 hours Trump Hands Putin Major Geopolitical Victory
  • 5 hours America Could Go Fully Electric Right Now
  • 2 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 14 hours Those Nasty White People and Camping Racism
  • 2 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 9 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 3 hours .
  • 2 hours Brent above $45. Holding breath for $50??
  • 4 hours Buying votes is cool now.
  • 15 hours The Truth about Chinese and Indian Engineering
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 2 days Open letter from Politico about US-russian relations
  • 2 hours The World is Facing a Solar Panel Waste Problem
Oil Prices Leap Higher On Bullish Inventory Data

Oil Prices Leap Higher On Bullish Inventory Data

Crude oil prices got another…

America Could Go Fully Electric Right Now

America Could Go Fully Electric Right Now

Complete electrification and close to…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

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:


Download The Free Oilprice App Today

Back to homepage





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