No Result
View All Result
Saturday, March 7, 2026
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Oil production exceeds outside predictions

byNigel Ash
September 25, 2012
Reading Time: 2 mins read
A A

Tripoli, 25 September:

The country’s oil production has nearly hit . . .[restrict]its pre-revolution levels of 1.6 million barrels per day (bpd), said Abdulrahman Benyezza, Libya’s Minister of Oil and Gas and Renewable Energies.

Speaking at the Libya Oil and Gas Summit in Tripoli yesterday, Benyezza said: “The challenge is to maintain and increase this production.”

Nuri Berruien, chairman of the National Oil Corporation (NOC), added that ambitious new targets were within reach. “We’re targeting 1.8 million bpd next year but we’re still not quite sure, but it’s a target for us next year,” he said.

RELATED POSTS

LBC’s Second Public-Private Dialogue Session on leveraging technology to mitigate economic crises held in Tripoli

AGOCO’s Al-Bayda field well Z-13 commences production via Al-Dur station with initial production of 488 barrels per day

Oil experts had predicted that it would take the country two years to restore oil production to its pre-revolution output. However, exceeding worldwide expectations, this has been achieved in just one year.

Berruien praised the contribution made by an almost entirely Libyan workforce, and stressed their importance to the future of the country’s oil production. “About 95% of the work in the Libyan oil sector is carried out by Libyans, so we are well positioned to move the sector forward in the future,” he said.

Berruien said: “Libya still has huge hydrocarbon reserves to be exploited and it will remain an exporter for decades.” He added that while NOC would like more investors in the country, no new exploration and production sharing agreements would be made for at least a year. “We have to come up right now with the right model” Burruien said, “We have to make it attractive to everybody.”

With the ninth-largest proven hydrocarbon resources in the world, the country has set itself the target of producing 2 million bpd by the end of 2015. If recent form can predict future performance, Libya should hit this figure with ease.  

At the start of this month of the Ras Lanuf oil refinery was finally restarted. The refinery has the capacity to produce 220,000 bpd. Since it reopened, production reached 190,000 bpd but that figure has dropped to 160,000 bpd while “temporary” technical difficulties are addressed.
[/restrict]

Related Posts

LBC leading delegation to Miami for America’s Food and Beverage Show – 18 to 20 September
Business

LBC’s Second Public-Private Dialogue Session on leveraging technology to mitigate economic crises held in Tripoli

March 6, 2026
AGOCO reactivates stalled old Nafoura well to produce 1,200 bpd
Business

AGOCO’s Al-Bayda field well Z-13 commences production via Al-Dur station with initial production of 488 barrels per day

March 6, 2026
NOC announces force majeure at Zawia port
Business

AGOCO’s Sarir refinery returns to operation after a 3-year halt

March 6, 2026
A plane carrying 71,000 kgs of humanitarian aid arrives from Serbia
Business

Serbia agrees to partially reopen its Tripoli embassy this May and start Tripoli-Belgrade flights soon

March 6, 2026
Aldabaiba government and CBL take further actions to encourage increased e-payments use – CBL reduces new FX Bureaux commission
Business

Aldabaiba government and CBL take further actions to encourage increased e-payments use – CBL reduces new FX Bureaux commission

March 6, 2026
HoR condemns Serraj’s foreign intervention call
Business

Second Deputy HoR Speaker Duma denies having chaired an HoR session during which the new tax law was passed

March 5, 2026
Next Post

Update: National Congress evacuated following firefight outside

Libya features in Harley-Davidson MENA expansion plans

Top Stories

  • Gunfire at Tripoli demonstrations calling for downfall of all corrupt domestic political entities and the UN – calling for lower prices, a cheaper dollar and better standard of living

    Gunfire at Tripoli demonstrations calling for downfall of all corrupt domestic political entities and the UN – calling for lower prices, a cheaper dollar and better standard of living

    0 shares
    Share 0 Tweet 0
  • PM Aldabaiba discusses with Shell activating January’s MoU expediting its return to the Libyan market – supporting its exploration and development programmes

    0 shares
    Share 0 Tweet 0
  • Libyan Embassy in Paris discusses French delegation visit to Libya and starting direct flights

    0 shares
    Share 0 Tweet 0
  • NDA launches construction of Sebha’s Rose Palace Hotel – implemented by Turkey’s Nova Global company

    0 shares
    Share 0 Tweet 0
  • Spanish Embassy visa centres in Tripoli and Benghazi start issuing Spanish national visas from today

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

LBC’s Second Public-Private Dialogue Session on leveraging technology to mitigate economic crises held in Tripoli

AGOCO’s Al-Bayda field well Z-13 commences production via Al-Dur station with initial production of 488 barrels per day

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.