Libya Crude Output Rises as Work Conditions for Big Oil Improve
Libya’s crude production exceeded 700,000 B/D and is expected to keep rising as working conditions in the conflict-ridden country improve for international companies such as Eni and Total, an official from the state oil company said.
The North African country’s crude production is expected to reach 1.2 million B/D by August and 1.7 million by March 2018 when the nation’s ports and export terminals will be operating at full capacity, Jadalla Alaokali, board member of Libya’s National Oil Corp., said in an interview in Cairo. Output at the El-Feel, or Elephant, oil field is expected to resume within 1 month, pumping 75,000 B/D, he said.
Eni and Total are working in Libya without difficulty, and Schlumberger resumed operations in the country about 3 months ago, he said. Eni is expected to start production from an offshore area in 5 years, he said.
“Eni and Total are working there with no problems, so the situation is improving every day in Libya, and I’d like to take this opportunity as an introduction for those who have interest to work in Libya,” Alaokali said. “More than 45% of the land is still virgin, hasn’t been explored, so we still have large areas that haven’t been discovered, so the opportunity is there.”