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Libyan oil production rebounding

Sept. 20, 2013 at 8:09 AM   |   Comments

LONDON, Sept. 20 (UPI) -- Oil production from Libya should be up to about 700,000 barrels per day, with some fields returning to service, an oil company official said.

Mustafa Sanalla, a board director at National Oil Co., told investors in London this week oil production should nearly double from the 243,000 barrels per day reported recently because of the restart of al-Sharara and el-Fil fields.

"I believe that it will be to 700,000 barrels by Friday," the Libya Herald quoted him as saying.

National Oil said Tuesday it lifted suspensions imposed on Mellita and Zawai export terminals "due to the improvement of circumstances."

Banditry and federalist campaigns in parts of Libya have suppressed the country's oil potential. It was producing approximately 1.6 million barrels per day at its peak before the Libyan civil war in 2011.

The United Nations this week called on Libya to get the oil situation under control.

Libya relies on oil for approximately 80 percent of its gross national product and 97 percent of its export revenue.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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