Libya oil production hits 500,000 barrels a day

04 October 2016

Output boost due to recovery of production from Arabian Gulf Oil Company fields

Libya’s crude production has risen above 500,000 barrels a day (b/d), boosted by rising output from Arabian Gulf Oil Company (Agoco), according to reports.

Production has risen from 260,000 b/d in August and is expected to reach 600,000 b/d by the end of October, National Oil Corporation (NOC) head Ibrahim al-Awami said in an interview with US news agency Bloomberg.

Libya has said it is exempt from the Opec deal to limit production agreed in Algiers last week, as it aims to boost production from its onshore oil fields.

Agoco, the country’s largest oil producer, has increased production to 320,000 b/d from 290,000 b/d last week, according to reports citing a company spokesman.

The increase comes from rising output at the Sarir field to about 200,000 b/d, while the firm could reach 350,000 b/d by the end of the year if its Bayda field comes back on stream.

Libya has nearly doubled production since a deal was reached with military commander Khalifa Haftar, whose forces have taken control of oil export terminals on the Mediterranean coast.

Last month, German energy group Wintershall restarted output at the As Sarah field to produce 35,000 b/d.

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