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Article: Libya - Part 2 - Profiles Of The E&P Operators And The Oil & Gas Fields.
- Article from:
- APS Review Oil Market Trends
- Article date:
- July 13, 2009
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Libya's sustainable crude oil production capacity will rise to more than 2.3m b/d by 2015, compared to 1.8m b/d now, although the state-owned National Oil Corp (NOC) is hoping this will be reached in 2013. Libya's current output is 1.55m b/d, with its OPEC quota being 1.469m b/d.
In 1989 US experts claimed Libya's sustainable production capacity was less than 1.2m b/d, compared to 3.3m b/d in 1970. To test its fields and refute such claims, NOC raised total output to 1.65m b/d during the first quarter of 1990. NOC then said the capacity was 2m b/d. But anything produced above 1.56m b/d was mere surge capacity which could only be sustained for weeks, rather than ...