Libya’s oil output drops to 600.000 bpd due to electric failure in key oilfield

After an electrical failure at the Sarir oilfield caused by a fire at a substation, Libya’s oil production has fallen by 60,000 barrels per day, National Oil Corp. head Mustafa Sanalla said on Monday, Oil Price reported.

The authorities have not yet offered any details as to when the production will be back online, or how much damage was caused by the fire, it added.

Prior to the malfunction, production was about 700,000 barrels per day at of the start of January, and Libya is eyeing a production of 900,000 barrels per day within the next few months and 1 million barrels per day by the end of this year.

Libya has managed to more than double its crude oil output from 300,000 bpd in September, thanks to the reopening of oil ports in the Oil Crescent, which were held for nearly two years and used as bargaining chips by the Petroleum Forces Guard (PFG).

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