Libya claims crude output to exceed 1 million barrels per day

By Brien Southward

Nuri Berruien, chairman of Libya’s state- run National Oil Corporation, has said that his country is now extracting "more than a million" barrels from its crude reserves, the largest in Africa.

Last month, on November 30, 2011, the OIl & Gas Journal reported that Berruien had said that his country’s output had reached 750,000 barrels per day. He projected that it would reach its year-end target of 800,000 barrels per day, and that their target for yearend 2012 is to produce 1.6 million barrels per day.

The Oil & Gas Journal also quoted Paolo Scaroni, chief executive of Eni SPA, an Italian company with activity in Libya, as saying “We have resumed our activities (in Libya) in a very satisfactory way which is above our most optimistic expectations. Libya for us is back to being business as usual.”

Berruien also praised the appointment of Abdulrahman Ben Yazza as Libya’s new oil minister, calling him “an excellent oil man” and adding that “the most important (thing) is that he’s from the oil patch. It is very important. It is good to work with people who speak your tongue.”

In covering the announcement of Libya’s new production levels today, the Middle East North Africa Financial Network noted that OPEC has set a new production ceiling of 30 million barrels per day.



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