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Libyan oil production making modest gains

Dec. 2, 2011 at 8:43 AM   |   Comments

VIENNA, Dec. 2 (UPI) -- Libyan oil production has reached about 50 percent of the average daily output generated before the war, Austrian energy company OMV said.

OMV Chief Executive Officer Gerhard Roiss said from Vienna that Libyan oil production has reached about 17,000 barrels of oil per day, Bloomberg News reports. Roiss said it could take at least another year for before production returned to its pre-war levels.

Libya in 2010 made up about 10 percent -- about 33,000 bpd -- of OMV's total production.

Libya, before the international military intervention in March, was producing close to 1.6 million barrels of oil per day, of which 1.3 million bpd was exported.

The International Energy Agency, in its latest oil market report, said crude oil production in Libya rose from around 75,000 bpd in September to around 500,000 bpd in November.

The IEA said it expected Libyan oil production to reach 800,000 bpd by the first quarter of 2012 and 1.17 million bpd by the end of next year.

Companies involved in Libyan oil production closed facilities at the height of the conflict.

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