Libya must find more oil reserves

Jul 08, 2004 02:00 AM

“Libya must find more oil reserves because it has already produced nearly half of its discovered reserves to date, and countries historically have difficulty maintaining stable production once depletion exceeds 60 %,” said a senior director of Washington-based PFC Energy.
“Libya will be able to ramp up [its oil production] to 1.8 mm bpd through the end of the decade," said Mike Rodgers, a member of PFC Energy's upstream group. Beyond 2010, Libya must find more reserves in order to maintain or grow production, he added.

His comments came during a breakfast for energy executives in Houston sponsored in part by Vinson & Elkins. Libya's reserves additions have dropped off dramatically since the 1960s. Meanwhile, Libya's discoveries have gotten smaller as is typical with any mature production base, Rodgers said.
"A high percentage (90 %) of Libya's proven reserve base is developed, but historic rates have been managed such that the current producing base is likely to have a relatively small base decline factor (2 %). The implication is that Libya can grow production from its current discovery inventory without too much difficulty," Rodgers said.

Considering the global production capacity and excluding production from the OPEC and the former Soviet Union, PFC Energy forecasts relatively flat oil production capacity "as it has been for the last 4-5 years," Rodgers said.
"Libya is one of the six OPEC countries that clearly has the potential to ramp up production in order to handle whatever growing demand might be placed on OPEC reserves. There is an expected production increase step already planned through the development of fields by already active foreign operators," he said.

Source: LiquidAfrica
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