Libya delays 3 mm bpd target by five years

Dec 06, 2009 01:00 AM

The head of Libya's oil industry has said that the country's plans to raise oil output to 3 mm bpd has been put back until 2017, a delay of five years. Shokri Ghanem, Libya's Oil Minister, said that the North African state would wait until the market conditions were more favourable.
"Our plan was to reach 3 mm bpd by 2012, but because of the market conditions, as well as budget constraints, we delayed it to 2017," Ghanem is quoted as saying. "By 2016-2017, we can reach the 3 mm bpd target, but we need more budget allocations," he added.

Libya has estimated oil reserves of 42 bn barrels and is ranked as the third largest oil producer in Africa behind Angola and Nigeria with a current output of 1.7 mm bpd.
Libya has estimated oil reserves of 42 bn barrels and is ranked as the third largest oil producer in Africa behind Angola and Nigeria with a current output of 1.7 mm bpd.

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« October 2020 »
October
MoTuWeThFrSaSu
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31

Register to announce Your Event

View All Events