Share

Libya ramps up oil output

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.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.2%
Rand - Pound
23.82
+0.3%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders