Tag Archives | oil production

Sirte Oil Doubles Production

By John Lee. Sirte Oil and Gas has said it has achieved "new and unprecedented crude oil production" which exceeded 100,000 barrels per day, compared with an average rate of 55,000 bpd prior to the oil blockade at the beginning of this year. This increase, which according to the NOC was reached in a record […]

Libyan Oil Production Exceeds 1m bpd

By John Lee. The National Oil Corporation (NOC) has announced that it has increased oil production to 1,036,035 barrels a day (bpd). However, the NOC warned that it may not be able to sustain the current production levels due to what it described as "the reluctance of some entities and their hindering of NOC's efforts […]

Libyan Oil Output hits 800,000 bpd

By John Lee. Libya's oil production has reached a reported 800,000 barrels per day (bpd). According to Bloomberg, Mustafa Sanalla, the chairman of the National Oil Corporation (NOC), said the country is targeting 1.3 million bpd by the beginning of next year. As recently as early September, the country was producing only 100,000 bpd. More […]

NOC Lifts Force Majeure at Al Sharara Field

By John Lee. The National Oil Corporation (NOC) has announced that it has reached what it describes as an 'honor agreement', under which the Petroleum Facilities Guards (PFGs) "abides by ending the entire obstacles that face Al Sharara Field in a way that guarantees there will be no security breaches and in a way that […]

Libya's Oil Blockade to Shrink Production Glut

Libya's oil blockade is now entering its seventh month and the war-torn country's oil output is hovering at just 100,000 barrels per day (bpd) instead of the pre-crisis 1.2 million bpd. Without a peaceful solution on the horizon, Rystad Energy is further pushing back its expected restart to the fourth quarter of 2020, a change […]

Libyan Oil Production Falls Below 90k Barrels per Day

Statement from the National Oil Corporation (NOC): The NOC has recently supplied medical equipment to help local authorities across Libya deal with the coronavirus pandemic, click here for more details. The forced and illegal restriction of oil and gas production has resulted in financial losses exceeding 3,957,326,455 USD since January 17, 2020. This means the […]

Libyan Oil Revenues Collapse

The National Oil Corporation (NOC) has reported February 2020 revenues of approximately USD 555 million ($555,533,750.97), a decrease of around $1.21 billion USD (68.6%) on January 2020 revenues. The February figure is also a decrease of around $708 million (56%) compared with February last year. NOC's revenues come from sales of natural gas, crude oil […]