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October 03, 2011

Libya Rapidly Restarting Oil Exports

Sweet Crude Reports - Libya began exporting crude oil from the eastern port of Tobruk in late September and could be producing a million barrels per day within six months.

Benghazi-based oil firm Agoco confirmed on Monday that it had started pumping oil from its eastern Sarir field slightly ahead of a planned start date of 15 September.

“We should have enough oil for a 1-million-barrel shipment from Tobruk in eight to 10 days,” Nouri Berouin said in an interview in Benghazi.

He added that only Sarir was currently producing but that the country could reach output of 800,000 to 1 million bpd within six months.

BEdigest - Libya's oil production is set to reach 500,000 bpd by early October or nearly a third of pre-war output, a senior source in the National Oil Corporation (NOC) said. OPEC member's pre-war production was around 1.6 million bpd and the resumption will help Libya's interim leaders start earning revenues badly needed to kickstart the economy after seven months of war.




"By the beginning of October, we can reach 500,000 bpd," the NOC source said on condition of anonymity. He said the offshore Total-run 45,000 bpd Al-Jurf field was in the process of restarting and that the larger 200,000 bpd Repsol-operated El-Sharara field, deep in the western desert, would begin pumping soon

Petroleum Economist - Oil production has already reached 350,000 barrels per day and should reach 400,000 barrels per day within two weeks

90% of the Libyan oilfields have been secured.

The 400,000 b/d Waha complex could be on stream in two months.

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