Sharara Restart Pushes Libyan Output Close To 700,000 b/d

2016 ended on a high for Libya with the December restart of its Sharara fields, a ‘significant event’ which helped boost crude production to just shy of 700,000 b/d. But security will need to improve if IOCs are to return to the war-torn country.

The long awaited restart of the Sharara fields in late December boosted Libya’s oil production to 685,000 b/d at the beginning of January, according to a spokesperson for the country’s state oil company, National Oil Corporation (NOC). Output averaged around 600,000 b/d in December, rising to 622,000 b/d on 26 December, according to NOC. The state operator plans to increase production by 175,000 b/d within a month, and by 270,000 b/d in the coming quarter. On 4 January output was close to 700,000 b/d, according to numerous reports citing NOC sources.

NOC confirmed the re-opening of the Sharara and El-Feel fields in the Murzuk basin in southwest Libya in a statement on 20 December. Crude loadings from the fields had initially been due to resume on 15 December ( MEES, 16 December 2016 ). (CONTINUED - 1063 WORDS)