The Libyan National Oil Corporation’s (NOC) Chairman, Mustafa Sanallah, said that Libya’s oil production had passed 554,000b/d and was on track to hit the 900,000b/d mark by the end of 2016, Bloomberg reported.
Sanallah comments came while he was in Paris to meet with French oil firm Total and Italy’s Eni to to persuade Total to recommit to Libyan onshore exploration and production, according to Libya Herald. Both firms had offshore properties in Libya, yet in the wake of collapsing security, Total abandoned its onshore operations in 2013 and took a $755m write-down on its Libyan assets.
This comes as Libya’s output is set to reach a three-year high by December as fields restart and ports reopen after five years of armed conflict crippled sales. The country increased oil output after NOC reached an agreement during September with the commander of the armed forces who controlled key oil ports. Accordingly, shipments resumed from Ras Lanuf, Es Sider, and Zueitana oil terminals. Furthermore, leading Germany’s Wintershall AG revived output in As Sarah oil field during September.
Egypt Oil&Gas previously wrote that Libya’s Zueitina oil terminal had loaded its first cargo of 800,000 barrels of oil for export to China. At the time of the report Libya’s national oil production had stood between 505,000 b/d and 510,000 b/d.