Libya gears up for increased exports
Libya
TRIPOLI, August 1, 2016 – Libya’s National Oil Corporation (NOC) has begun work on ramping up crude exports after the government on Sunday reached a deal with the Petroleum Facilities Guards (PFG) that saw the reopening of three eastern ports.
In a statement released on Sunday, NOC chairman Mustafa Sanalla said that he was “pleased” to learn that “the presidential council agrees that we cannot reward individuals who hold Libya’s oil hostage,” in reference to the PFG, adding that the NOC “unconditionally” welcomed the agreement. While the PFG confirmed the deal, it declined to comment on Monday.
According to Sanalla, NOC will work to bring back staff and engage with international crude traders in an effort to restart and eventually ramp up exports from the Zueitina, Es Sider and Ras Lanuf ports, whose combined capacity is estimated at more than 600,000 bopd.
NOC’s initial target will be to add an additional 150,000 bopd within the next two weeks and to reach a level of 900,000 bopd by year-end 2016. Libya presently exports some 400,000 bopd.
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