Arab Today, arab today ftdamage will delay full flow of libya crude
Last Updated : GMT 06:41:52
Arab Today, arab today
Arab Today, arab today

FT:Damage will delay full flow of Libya crude

Arab Today, arab today

Arab Today, arab today FT:Damage will delay full flow of Libya crude

London - Qna

Libyan oil production will not return to pre-war levels until late next year at the earliest, with many of the country‚Äôs oil facilities having suffered heavy damage and looting during the conflict, according to the newly appointed chairman of the country‚Äôs National Oil Company. Offering the most detailed assessment yet of the outlook for Libya‚Äôs oil output in an interview with the Financial Times, Nuri Berruien said it would be late 2012 or early 2013 before the country was again producing the 1.6m barrels per day it had before this year‚Äôs uprising against Muammer Gaddafi . While some production from the country‚Äôs eastern fields should begin this month, the \"initial oil output will be measured in the 10,000s of barrels a day rather than in the 100,000s of b/d\", Berruien said. \"In 15 months we can reach the pre-war level of 1.6m b/d,\" he said. \"That is the optimistic forecast ... But I think there is reason for optimism.\" The return of Libya to the global oil market is critical to crude prices , which surged this year to a two-year high above $125 a barrel. Saudi Arabia has ramped up its production to the highest in 30 years to offset the shortfall while the International Energy Agency, the western countries‚Äô oil watchdog, coordinated a release of emergency reserves for the only third time in its history. Brent crude prices are now around $112. Berruien‚Äôs appraisal sits in between the most optimistic estimates by some upbeat oil executives, who put the recovery in weeks, and some of the most downbeat judgments issued by oil consultancies that have predicted it could take up to three years to restore full output The state of Libya‚Äôs oil facililties remains challenging, however, said the Financial Times. Oil fields and terminals had been heavily mined while camps for oil workers and service providers were looted, Berruien said. There were also concerns some wells would not produce again when workers opened the taps. The main concern, he said, was the state of the country‚Äôs export terminals, with three of the ports in the east changing hands several times during the conflict. Berruien said that none of the foreign oil companies active in Libya had yet to return and added it could take weeks before they felt it is safe enough. However, he said officials from the National Oil Company were meeting with executives from companies including Eni of Italy, Total of France and Repsol YPF of Spain to discuss the situation on the ground.  

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Arab Today, arab today ftdamage will delay full flow of libya crude Arab Today, arab today ftdamage will delay full flow of libya crude

 



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