Libya to Boost Oil Production

Libya to Boost Oil Production

Libya’s crude oil production has increased by around 33% after resuming production from Sharara oilfield, Bloomberg reported.

Currently, Sharara oilfield production level has reached around 260,000 barrels per day (b/d) and the National Oil Company (NOC) is working on increasing the production levels more, NOC Chairman Mustafa Sanalla told Bloomberg Television in an interview.

“Three weeks ago, production was around 900,000 b/d. Now we’re in the range of 1.2 million barrels a day,” Sanalla said.

Sharara oilfield has increased its production capacity, reaching around 180,000 b/d, after it was closed in December. It was announced on March 4 that the field had been restarted. NOC now aims at raising production to 315,000 b/d, Sanalla indicated.

Moreover, Libya’s top officials believe that further gains could be achieved when companies like BP invest in the country.


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