Total Sees Libya Output at 1.5 Million Barrels a Day in 2012

Libya’s oil output will reach 1.5 million barrels a day by mid-2012, according to the Chief Executive Officer of Total SA, Christophe de Margerie.

Total has been too pessimistic in its estimates of the Libyan oil industry’s recovery after the armed conflict in the North African country, he said today in Doha, Qatar. The Paris- based company wants to resume all production in Libya and to explore for new reserves there, de Margerie said.

Total’s production in Libya reached 170,000 barrels a day at the Murzuk oil field and 40,000 barrels a day at the Al Jurf field, he said. The company hasn’t resumed production at the Mabruk crude field, he said.

(Source: Bloomberg)

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