Libya’s oil production nears 700 thousand bpd

Libya’s National Oil Corporation spokesman, Ibrahim Al-Awami, has reported that Libya’s oil output has risen to 670,000 barrels per day this week, up from the 363,000 bpd that the country produced when OPEC members representatives met in Algeria in the last week of September.

Libya’s National Oil Corporation, NOC, is pushing hard to reach its previously set goal of 900,000 bpd before the end of the year.

Al-Awami expressed, on a live interview at a local TV station Monday, his confidence in the country’s ability to quickly increase its output to 1.5m bpd if the Government of National Accord (GNA) approves a proper budget to fund NOC operations.

NOC is also working through judicial and political channels to reopen the 2 main fields in the south western region of the country, Al-Sharara (Operated by a JV with Repsol), and Al-Feel (Operated by a JV with Eni).

Both fields have a total production capacity of 450,000 bpd, and their closure has caused the country a loss of $27B, according the NOC Chairman, Mustafa Sanallah

Libya is resuming production after suffering a 3-year closure of its oil export terminals by the Petroleum Facilities Guards, PFG, over alleged claims of corruption in the oil industry.

Khalifa Haftar’s Operation Dignity seized control over the export terminals in mid-September, and called NOC to resume operations in the area.