Libya’s oil production is expected to reach a three-year high of 900,000 barrels per day by December, as fields begins operations and ports reopen after five years of armed battle that has damaged sales.
According to Libya’s National Oil Corp. Chairman, Mustafa Sanalla (photo), the country currently produce 540,000 barrels a day and is expected to reach 900,000 barrels by the end of this year, the highest production since June 2013.
The North African country largest crude reserves, has increased oil output after the NOC entered into a deal with Khalifa Haftar, commander of the armed forces controlling key oil ports in September. Afterwards, shipments were resumed from ports including Ras Lanuf, Es Sider and Zueitana, resulting in the commencement of production by Germany’s Wintershall AG from the As Sarah oil field on September 16, 2016.
Libya used to produce about 1.6 million barrels a day of oil before the 2011 uprising that toppled the reign of Mohammad Al Qaddafi. Since then, output has weakened as rival militias struggled to control energy facilities, Bloomberg reports.
Anita Fatunji