...

Libya will announce tender for exploration of new fields

Oil&Gas Materials 16 November 2011 18:12 (UTC +04:00)
Libya will announce a tender for issuing licenses to foreign companies to explore new oil fields, the National Oil Corporation of Libya told Trend on Wednesday.

Azerbaijan, Baku, Nov. 16 / Trend , A.Tagiyeva /

Libya will announce a tender for issuing licenses to foreign companies to explore new oil fields, the National Oil Corporation of Libya told Trend on Wednesday.

"Libya is seeking to increase oil production, and exploration of new fields is required to this end," the corporation said.

To date, oil production in the country reached 600,000 barrels per day, and the figure will hit 800,000 by late 2011.

"It is planned to increase oil production in Libya by the spring of 2012 up to 1.7 million barrels per day, which exceeds the pre-revolutionary oil production level," the corporation said.
Now, the work is underway to restore oil production at the field suffered during the revolution, and increase oil production in these areas to attract new foreign companies.

Oil extracted in Libya will be mainly transported in the same directions as before the revolution, and the revision of previously concluded contracts is possible only after the elections.

The corporation also noted that 1.3 million barrels from the planned 1.7 million by mid-2012 will be exported.

Libya is the eighth in terms of crude oil producers among the 12 OPEC countries and the third - in Africa after Nigeria and Angola. The main importer of Libyan oil is Italy, followed by Germany, France and Spain.

Libya's proven oil reserves are 45 billion barrels. Libya extracted 1.5 million barrels of oil per day before the war.

Head of Libya's National Oil Corporation Nouri Beruin said in September that currently Libya produces oil in only on the Sarir field, but over the next six months oil production will begin from all fields of the country and will reach 0.8-1million barrels per day.

Tags:
Latest

Latest