Libya forecasts oil supplies at 1.3 million barrels by 2012

15 November 2011

Exports to hit 800,000 barrels a day by end of 2011

Libya’s National Oil Corporation (NOC) hopes to increase crude oil supplies by 65 per cent to more than 1.35 million barrels a day (b/d) by the end of 2012.

An NOC document distributed to potential customers, released by Reuters news agency, shows that production by the end of December from 9 onshore and two offshore fields should reach 813,000 b/d.

This will increase to 993,000 b/d by March 2012 and hit 1.2 million b/d by the middle of the year. By the end of 2012, production is forecast to reach 1.345 million b/d.

The largest increase is expected to come from the El-Shahara field in the southwest of the country, operated by Spain’s Repsol, which is forecast to return to supplying 200,000 b/d in 2012. The field had a capacity of 290,000 b/d before the civil war erupted in March.

Production was restarted in early October and export supplies should rise to 80,000 b/d by the end of 2011.  

Analysts and industry executives say the country’s oil production should hit 1 million b/d within a year in line with forecasts made by Ali Tarhouni, the current minister of oil and finance at the National Transitional Council (NTC). The NTC says state-run companies are already producing 500,000 b/d. Most of the damage caused to the oil sector occurred in offsite facilities, leaving most facilities and pipelines in a relatively decent state of repair (MEED 27:10:11).

Fieldname*Dec-11Q1 2012Q2 2012Q3 2012Q4 2012% change
Al-Jurf (offshore)4040404040                       -  
Amna155170175175175                      13
Bouri (offshore)3040404040                      33
Brega5080808080                      60
Bu Attifel8590100105115                      35
Es Sider0135275370375 na 
Melitha75115135135135                      80
Sarir21050607070-                    67
Sertica4353535555                      28
El-Shahara80170195200200                   150
Zueitina4550556060                      33
Total813993120813301345                      65
       
*=Oil figures in thousand barrels. Source: NOC      

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.