OMV: Libyan Crude Production to Increase by 200,000
Austria's OMV predicts that Libya's Oil output could rise by another 200,000 barrels before the year's end if the security situation continues to remain stable
According to an official from Austria’s OMV, Libya may boost its oil production by 200,000 barrels per day by the end of the year, depending on the security situation.
Vladimir Langhamer, Managing Director of Supply & Trading at OMV, said in a Gulf Intelligence webinar on 4 August, “Libya is at the top limit of the range they can achieve till the end of the year.” I would estimate that an additional 100,000-200,000 b/d can be obtained if all goes as planned. They have the potential for more, but it will take time and investment.”
OMV has a major interest in Libya’s biggest oil field, El-Sharara, as well as the Nafoora Augila oilfield. Blocks C103, NC29/74, and C102 are also served by the Austrian energy provider.
On July 28, OMV reported a 6% rise in second-quarter oil and gas output due to the resumption of Libyan output. Due to increasing volumes in Libya, Malaysia, and Tunisia, OMV’s average production rose by 26,000 b/d of oil, or 490,000 boe/d, during the quarter.
According to OMV, Libyan production was at full capacity during the quarter. It is still reeling from the effects of last year’s conflict’s force majeure.
Libya’s National Oil Corporation has reported a continuous rise in the country’s oil earnings, with crude oil revenue reaching $2,069,856,297.84 US dollars in June, while gas and condensates revenue totalled 66,246,667.01 US dollars.
The NOC also recorded $2,656,042.10 USD and $3,251,283.50 EUR in petrochemical revenues. This amounts to a total net revenue from oil sales of $2,138,759,006.95 USD and $3,251,283.50 EUR.
In this regard, NOC Chairman Mustafa Sanalla said, “We reiterate that oil is the cornerstone of our country’s development process, and it represents a key priority for our country’s stability. We can maintain and increase production rates with God’s help and the support of our government,” he continued.
He went on to say that NOC will continue to work with the government to provide continuous revenue to the public treasury, and that NOC would make every effort to maintain infrastructure. He underlined that NOC relies on the Ministry of Oil, in cooperation with the Ministries of Finance and Planning, to provide the money needed to carry out NOC’s ambitious goals.
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