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-11||Q1 2012||Q2 2012||Q3 2012||Q4 2012||% change|
|*=Oil figures in thousand barrels. Source: NOC|