• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Libya ramps up oil output

Nov 13 2011 14:03 AFP

Related Articles

Libya wealth fund to finance reconstruction

World Bank/IMF to assess aid for Libya

Rebuilding Libya

Libyan oil body seeks $6bn in unpaid debt

Libya assures UK of key business role

Business in Libya

 

Doha - Libya has boosted its oil crude production to 600 000 barrels per day and is expected to add another 200 000 bpd before the end of the year, National Oil Corporation chief Nuri Berouin said on Sunday.

"Our production has reached 600,000 bpd of which 140 000 bpd go to (local) refineries," said Berouin, adding that the remaining 460 000 bpd are exported.

Tripoli expects to raise its oil output to 800 000 bpd before the end of 2011 and reach pre-crisis levels of 1.7 billion bpd by the end of next year, Berouin told reporters on the sidelines of a gas forum meeting in Doha.

He said that the damage to oil facilities from the revolution that ousted Muammar Gaddafi is expected to cost "hundreds of millions of dollars."

A senior National Oil Corporation official said earlier this month that the rate of recovery of oil production was faster than expected after a vital pipeline was repaired.

The pipeline was blocked by Libya's former rebels to prevent crude from being pumped out of the giant Al-Sharara oil field to the refinery in Zawiyah to the benefit of Gaddafi's regime, the official added.

Located in Libya's far south, Al-Sharara is operated by Spain's Repsol YPF.

Interim oil minister Ali Tarhuni said last month that Tripoli hoped to raise the country's oil production to nearly one million bpd by April, and to pre-conflict levels of around 1.7 million bpd by the end of 2012.

Estimates indicate that some 10% of the Opec country's oil infrastructure was severely damaged during the eight-month rebellion against Gaddafi.

opec  |  libya  |  oil production  |  oil
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Nkandla: Zuma 'still looking for undue benefit'

President Jacob Zuma has told supporters at an election rally in Mpumalanga that he had not wrongfully benefited from the upgrade to his Nkandla home.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...