Libya Output Continues To Rise In Wake Of Renewed Sirte Basin Production

Libya increased production to 580,000 b/d in mid-October, according to the state oil company, National Oil Corporation (NOC) chairman Mustafa Sanallah. The Waha Oil Company has resumed production for the first time in almost two years, with exports of its Es Sider grade crude planned imminently. But any gains could be scuppered by internal divisions with Libya, most recently last week’s attempted coup.

Another official at NOC said he expects production to increase to 600,000 b/d by the end of October. NOC is targetting output of 900,000 b/d by the end of 2016, with Libya exempt from Opec’s planned production cuts (MEES, 14 October). This is the first time output is above 500,000 b/d since April 2015. NOC subsidiary Agoco boosted production to 320,000 b/d from 290,000 b/d (MEES, 7 October), with the increment largely from the Sarir and Nafoora fields. (CONTINUED - 888 WORDS)