Oil extraction begins on Al Ragubah oil field in Libya
Azerbaijan, Baku, Nov. 29 / Trend S.Isayev, A. Tagiyeva/
Sirt oil company launched extracting oil on Al Ragubah oil field on Nov. 24, Libya's oil company Noclibya reported in its official website.
The company plans to lift about 8,000 barrels of oil per day on the first stage of field development, which comprises 9 percent of the country's overall oil production.
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.