No Result
View All Result
Wednesday, October 15, 2025
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

Economic Conference on Diversifying Sources of Income held in Tripoli

LBC to hold virtual workshop with IsDB on export mechanisms and access to international markets

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

Economic Conference on Diversifying Sources of Income held in Tripoli
Business

Economic Conference on Diversifying Sources of Income held in Tripoli

October 15, 2025
LBC leading delegation to Miami for America’s Food and Beverage Show – 18 to 20 September
Business

LBC to hold virtual workshop with IsDB on export mechanisms and access to international markets

October 15, 2025
Use of card and e-payments on the increase – helping to resolve Libya’s bank cash liquidity problem
Business

Traders warned of failure to use e-payments ahead of clampdown by Municipality Guards

October 15, 2025
LAIP’s Ola Energy opens two new petrol stations in Tunisia
Business

Libya Africa Investment Portfolio announces strategic lubricant blending project between its Ola Energy Company, Misrata Free Zone, and Brega Marketing Co.

October 15, 2025
NOC announces force majeure at Zawia port
Business

National Oil Corporation discusses prospects for technical cooperation with America’s Halliburton

October 15, 2025
The International Forum & Exhibition for Free Zones – Misrata: 28 to 29 June at Misrata Free Zone
Business

Misrata Free Zone signs MoU with Italy’s Eli-Fly Helicopter Services Co.- its Misrata Free Zone branch inaugurated

October 14, 2025
Next Post

Update: National Congress evacuated following firefight outside

Libya features in Harley-Davidson MENA expansion plans

libyaherald-Ads

Top Stories

  • Atletico Madrid win Benghazi’s Reconstruction Cup after beating Inter Milan 4-3 on penalties – great political showpiece for Hafter

    Atletico Madrid win Benghazi’s Reconstruction Cup after beating Inter Milan 4-3 on penalties – great political showpiece for Hafter

    0 shares
    Share 0 Tweet 0
  • Emirates Airlines security delegation visits Tripoli to begin Mitiga Airport inspection tour

    0 shares
    Share 0 Tweet 0
  • After its withdrawal from circulation of certain banknotes, CBL reveals that currency printed unofficially in Russia totalled to 6.5 billion dinars

    0 shares
    Share 0 Tweet 0
  • CBL reviews foreign assets totalling US$ 98.8 billion with investment return of US$ 2.2 billion to September

    0 shares
    Share 0 Tweet 0
  • IOM identifies 894,890 migrants in Libya from 45 nationalities in May-July 2025 reporting period – 18 percent up on 2024

    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

Economic Conference on Diversifying Sources of Income held in Tripoli

LBC to hold virtual workshop with IsDB on export mechanisms and access to international markets

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.