By Mohammed Jetutu, in Cairo
Libya’s National Oil Company (NOC) is hoping to add some 300,000Barrels of oil per day to its average December 2020 output by the end of 2021.
That brings total output to 1.6MMBOPD– a level not seen since 2008. Although security in Libya’s oilfield activities isn’t entirely guaranteed, the country has been ramping up output.
If Libya succeeds-against the odds of insecurity-It will surpass Angolan output which, even before COVID 19 happened, had struggled below 1.45MMBOPD.
In February 2021, Angola exported 1.206MMBOPD, according to Africa Oil+Gas Report’s March/April 2021 edition, released last week.
Libya has bigger reserves (48Billion barrels) than Angola (8 Billion) and Nigeria (37Billion), but years of conflict and underinvestment have capped the growth of its hydrocarbon industry.
Oil production in Libya has undergone a rapid rebound of almost 1MMBOPD since mid-October 2020, after the UN-backed Government of National Accord and the self-styled Libyan National Army agreed a truce.
Crude and condensate loadings from Libya in December 2020 averaged 1.237MM BOPD compared with 1.07MMBOPD in November 2020, the Africa Oil+Gas Report reported last January.
NOC expects near-term gains from a “combination of workovers on existing wells, infill drilling, improved artificial lift capabilities, new power generation projects, repair of damaged tanks, maintenance and replacement of pipelines and reinstating damaged fields”
The key projects NOC is relying on include the 50,000BOPD Sinawin development, the Nafoora field expansion and the full re-start of the Dahra field.