Libya aims to more than double its oil production to 2.1 million barrels per day (MMbbl/d) by 2021 provided security and stability are strengthened in the conflict-stricken country, the chairman of state oil company NOC said on Jan. 6 in Benghazi.
Currently, Libya produces 953,000 bbl/d, less than its pre-civil war capacity of 1.6 MMbbl/d, Mustafa Sanalla said at a news conference.
He reiterated calls for workers' security to be improved to allow production to resume at the 315,000 bbl/d El Sharara oil field, which was taken over on Dec. 8 by tribesmen, armed protesters and state guards demanding salary payments and development funds.
Production is expected to be up to 11,000 bbl/d lower when it restarts after the seizure due to looting, NOC said last week.
"What happened in Sharara discourages foreign companies," said Sanalla, who announced a visit to China in the first quarter of this year to discuss oil investment opportunities.
He also confirmed the upcoming return of BP to Libya along with Russian companies, without giving further details.
Improved security conditions in the Sirte Basin in central Libya will enable the launch of production at the Farigh gas field at 24 million cubic feet per day (MMcf/d) in three months, with an eventual output goal of 270 MMcf/d, Sanalla said.
Despite security problems, NOC expects full-year revenue to surge by 76% to $24.2 billion in 2018.
OPEC oil output hit a four-year low in April due to further involuntary declines in sanctions-hit Iran and Venezuela and output restraint by top exporter Saudi Arabia.
The IEA said higher output from producers outside OPEC, especially the United States in the second quarter, would keep the market well supplied.
From oil prices to bottlenecks and ballot battles to trade uncertainty, these news stories most defined the direction of oil and gas this year.