Libya Business News
Monday, May 23, 2022
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Oil & Gas

Libya's Hydrocarbon Wealth

2nd October 2012
in Oil & Gas
Libya's Hydrocarbon Wealth
Share on FacebookShare on Twitter

While Libya may have its problems, it has the great fortune to be sitting on a wealth of oil and gas to support its development.

The country is currently producing around 1.6 million barrels a day of oil, and expects to increase this by 30,000-40,000 bpd by early 2013, when repairs to a pipeline in the East of the country are completed.

Nuri Berruein, Chairman of the National Oil Corporation (NOC), said his target is to produce 1.8 million bpd by the end of next year, increasing to 2 million bpd by 2015.

Gas production is ramping up too; output is now about two-thirds of pre-crisis volumes, but Berruein expects gas exports to Italy to be restored to former levels by the end of the year.

The Chairman estimated that the 58 discoveries made since 2007 add 1 billion barrels of recoverable oil and 5.8 Tcf of recoverable gas to the country's reserves; meanwhile exploration continues, both onshore and offshore.

Against a background of political tension, these data should bolster confidence in a changing Libya, and give hope for future prosperity.

Tags: Gas ProductionNational Oil Corporation (NOC)oil production

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.