Two Libyan oil fields to begin oil extraction
Azerbaijan, Baku, Nov. 29 / Trend A.Taghiyeva, S.Isaev /
The "Waha" oil company in Libya announced, that oil extaction from Zahra and Al Sammah oil fields began on Nov. 27. Its expected to extract around 16 000 barrels on oil daily on the first stage of extraction, which is about 5% of all the oil being extracted in the country, according to official website of Libya's oil company Noclibya.
According to ESAI forecasts, Libyan production will only reach 1 million b/d by the end of 2012. These forecasts are close to the International Energy Agency's (IEA) ones, which expects Libya to produce around 1.17 million barrels per day by late 2012.
Before the Libyan crisis, the country produced 1.6 million barrels per day and 1.3 million barrels of these volumes were exported. Following the auction on November 14, the price on Brent futures for December decreased by $2.27 a barrel up to $111.89 per barrel. The cost of WTI futures for December on the New York Mercantile Exchange decreased by $0.85 to $98.14 per barrel.