Libya hopes to bring oil output to 3.7 mm bpd

Jul 12, 2006 02:00 AM

Libya hopes to bring back its crude oil production to the 1970 level of 3.7 mm bpd in the next few years, the OPEC member country's top oil official said.
Asked when Libya's oil output would return to that level, Shokri Ghanem, the head of Libya's National Oil Corp (NOC) said: “We hope that (would happen) in 5, 6, 7, 8 years... maybe by the years 2012-2015.”

Libya currently produces crude at a rate of 1.6 mm bpd, which would put it near the bottom of the list of OPEC member countries' output. Its oil output has fallen since 1970 due to US sanctions, but it is now aiming for higher output as the US has lifted those sanctions.
“Now we hope that we are going to rebuild our production,” Ghanem said. The north African country has struck exploration and production-sharing agreements with international oil companies.

Asked about output ahead, Ghanem said, “We hope to reach 2 mm (bpd) by next year.”
Referring to OPEC's oil output plans when it meets in September, Ghanem said: “If there isa need for more oil, we can try to increase our supplies. We have increased it, but nowadays we feel that prices are (high) not because of the shortage of oil, but because of political tension. So we hope that the political tension will go down.”

Libya has not pumped above 2 mm bpd of oil since the 1979 oil price shock.

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