Petroleum Africa
Find us on: 
Thursday, May 11, 2017
Libyan crude production has hit a more than two year high, good news for Libya, bad news for OPEC. The North African country is now producing just shy of 800,000 bpd, and while it is still a far cry from its totals prior to the battle to oust long-time dictator Muammar Qaddafi, it provides much needed revenue for the country.
The increase for Libya does not come at a particularly optimum time for producing group OPEC, or for that matter the crude market as whole. Crude prices have been stymying the industry for more than two years, OPEC, in an attempt to boost those prices has enacted a production cut for its members. While Libya was exempt from the quota, its added production on the market makes it harder for those members working to keep their flows restrained to have an effect on global crude prices.
Over the past several weeks Libya has seen a few fields come back onstream. Agoco, the NOC subsidiary, saw its Al Bayda field come back onstream. The field added 10,000 bpd when it came back online Tuesday, having been shut since March 2015. The field has a production capacity of 13,000 bpd.
The country also saw the Sharara and El Feel brought back on stream, adding more than 250,000 bpd to the country’s totals.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
