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October 18, 2011

Libya oil production could reach 3 million barrels per day in 2015 with $30 billion in investment

Raising Libya’s oil production to 3 million barrels per day by 2015 will cost about $30 billion, the head of France’s trade commission UbiFrance.

Libya is struggling to resume oil production, which forms the overwhelming bulk of its exports but was largely halted for the past eight months by its civil war. The country produced about 1.8 million bpd during peace time and hopes to be pumping 1 million barrels per day within a year.

Total, which has resumed operations in Libya, had production of 55,000 barrels a day in Libya prior to the six-month war that overthrew Gadhafi and is set to be among the companies most likely to benefit from a resumption of business in the oil-rich country.

Lecourtier said there would also be a need for about $12 billion of investment in developing the electricity sector, more than $4 billion in general reconstruction as well as longer term opportunities in the transport sector of about $5-6 billion.

Zueitina Oil Co., has become the latest Libyan oil company to re-start crude production and is now pumping about 30,000 barrels a day, the country's oil chief said. National Oil Co. chairman Nuri Berruien said output at Zueitina resumed about two weeks ago and has now reached about half its pre-war level of 60,000 barrels a day.



Germany's Wintershall Holding GmbH (WSL.YY) said they had restarted 20,000 barrels a day of oil production at Libyan concessions it jointly owns with Russia's OAO Gazprom (GAZP.RS). State-owned Arabian Gulf Oil Co., or Agoco, France's Total SA (TOT) and Italy's Eni SpA (E) resumed production last month. Libya is now producing about a quarter of its pre-war output of 1.6 million barrels a day

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