Libyan oil production fells

Oil&Gas Materials 18 February 2014 17:15 (UTC +04:00)

Baku, Azerbaijan, Feb. 18

By Aygun Badalova -Trend:

Oil production in Libya has fallen to 390,000 barrels per day (bpd) after protests in the southwest of the country shut down the key El Sharara oil field again, International Oil Daily (IOD) reported on Feb. 18.

The latest fall, reported by Reuters, follows the closure of a pipeline that links the field to the western town of Zintan and the refinery and port of Zawiyah, IOD said in its article.

Earlier IOD reported with the reference to Libya's National Oil Corp. that oil production on Feb. 12 from the Repsol-operated El Sharara field was 301,000 bpd, compared to capacity of 340,000-350,000 bpd.

The El Wafa oil field, where output normally averages 37,000 bpd, had also been blocked by protesters but has since resumed normal operations, according to officials at Libya's National Oil Corp. Italian Eni's (operator of Wafa field) output in Libya now stands at 150,000 bpd and the company is targeting an average of 220,000 bpd for 2014.

Libya ranks eighth as a crude oil producer among 12 member states of OPEC and third in Africa after Nigeria and Angola. Italy is the main importer of Libyan oil, followed by Germany, France and Spain.

Libya's proven oil reserves hit 47 billion barrels. Before the revolution Libya was producing 1.6 million barrels of oil per day.

Oil production amounted to 1.55 million barrels per day in Libya in May 2012. This is a record index for the period after the revolution of February 2011 in the country.