Libya to increase oil production to 1.2m bpd in two weeks – NOC

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ALibyan National Oil Corp dds statement, background

CAIRO, July 23 (Reuters)Libya’s National Oil Corporation (NOC) aims to bring production back to 1.2 million barrels per day (bpd) in two weeks, the NOC said in a statement early Saturday.

Current oil production is 860,000 bpd, down from 560,000 bpd before production resumed, NOC added.

Libyan crude production has resumed in several oilfields, after force majeure on oil exports was lifted last week.

A blockade of oil production by groups aligned with eastern commander Khalifa Haftar had cut off funding for the Tripoli-based National Unity Government (GNU) led by Prime Minister Abdulhamid al-Dbeibah.

But last week, Dbeibah appointed a new head of the state oil company, who would be an ally of Haftar, leading to a quick end to the blockade.

“NOC is working to ramp up production and return it to its normal rate of 1.2 million barrels per day within two weeks,” the statement said.

Libya’s oil ministry earlier said production stood at over 800,000 (bpd) and would reach 1.2 million bpd by next month.

The country’s oil exports sometimes reached 1.2 million bpd last year.

(Reporting by Moataz Mohamed and Nayera Abdalla; Editing by Hugh Lawson and Sam Holmes)

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