Oblivious to OPEC cuts, Libya intends to ramp up oil production in 2018
Libya and Nigeria – the only two exempt members of OPEC oil production cuts– have stated their willingness to ramp up their output in 2018.
Libya’s National Oil Corporation has sought funds and financial supports from the Libyan Government of National Accord (GNA) and the latest efforts in that regard were a Saturday meeting between Mustafa Sanallah – the NOC’s Chairman – and the Head of the GNA Fayez Al-Serraj.
Despite reports at the end of the November 30 OPEC and non-OPEC countries’ meeting that saidb Libya and Nigeria agreed to limit their output in 2018 to the last rates of 2017; no more no less, the new plan of the two oil-rich countries can defy the OPEC cuts as both gear up for increased oil productions.
To that end, Libya’s Nafusa Oil Operations was aiming to produce 10,000 barrels per day (bpd) of oil in 2018 from a new project in the western Ghadames basin near the Algeria border, according to the NOC’s statement posted on Tuesday.
According to the statement, Nafusa is planning to split the project in Block 47 into two phases, with the first phase beginning at the start of 2018 and producing 10,000 bpd by the second quarter of the year if the project’s budget is approved.
Meanwhile, oil production from the Nigeria and Libya has averaged 1.7 million bpd and 900,000 bpd, respectively, this year according to Reuters assessments.
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