IOCs Continue To Play It Safe In Libya

Production from Libya’s largest oilfield, Sharara, was up last month, and Italy’s Eni is hoping to reverse its downturn in production last year. But caution is still the watchword for the country’s oil investors.

Libya continues to enjoy its highest crude production since the third quarter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved.

NOC is targeting production of 1.25mn b/d by the end of the year and plans to restore pre-conflict output of 1.6mn by 2021, NOC chairman Mustafa Sanallah told MEES in an interview in late January (MEES, 27 January). In the longer term, the state body is aiming to increase production to 2.1mn b/d, said Mr Sanallah. (CONTINUED - 2096 WORDS)

DATA INSIDE THIS ARTICLE

chart Libyan Gas Exports (Mn Cfd)*