Derek Brower, LONDON: Libya’s oil output continues to rise more quickly than expected and should reach almost 750,000 barrels a day (b/d) by the end of October and more than 1 million b/d by year-end, according to an internal document prepared for National Oil Corporation (NOC).
Oil production is now at 365,654 b/d, said the report.
The report, leaked to Petroleum Economist, gives the most detailed and authoritative assessment of Libya’s oil sector since fighting erupted in the country in February, and suggests output is recovering far more quickly than expected.
Production from Sarir and Misla, two oilfields operated by NOC unit Arabian Gulf Oil (Agoco) in Libya’s east, has reached 220,000 b/d, said the report, or about 130,000 b/d less than pre-war capacity.
Agoco plans to restart production at the Sirte-basin oilfields of Nafura and Bayda, both south of Brega, within two weeks, said the report’s authors – two Libyan...