Arab Today, arab today libya claimsoil output on way to recovery
Last Updated : GMT 11:39:24
Arab Today, arab today
Arab Today, arab today

Libya claims : Oil output on way to recovery

Arab Today, arab today

Arab Today, arab today Libya claims : Oil output on way to recovery

Tripoli - Arabstoday

Libyan oil output has climbed to 750,000 barrels per day (bpd) and remains on track to reach pre-war production levels by the end of next year, the chairman of the National Oil Corporation (NOC) said on Thursday. \"We\'re building up production, we\'re doing fine,\" Noori Berruien told Reuters in an interview. When asked about reaching pre-war levels by the end of 2012, he said: \"Hopefully. It\'s do-able. The people who are in the fields are working on it and I don\'t expect any major hiccups.\" Before the February uprising, Libya pumped some 1.6 million bpd, but civil war brought flows to a standstill, cutting off exports of around 1.3 million to the international market. Berruien said that on Novemebr 15, the NOC had taken over oil sales from Benghazi-based Agoco, which had shared control over them since the uprising began in February. He said confusion over a recent tender by the eastern subsidiary arose from an overlap, but full responsibility would ultimately return to the NOC. Agoco issued a tender to sell one million barrels of Sarir grade crude oil, a document seen by Reuters on Wednesday showed. \"We agreed on a cut-off point on November 15, that was the handover, but that doesn\'t mean there isn\'t an overlap, because NOC started earlier and Agoco may have one case,\" he said, adding the NOC would be in charge of purchasing products, mainly gasoline, as well as oil sales. The oil chief said the Zawiyah refinery had returned to its full capacity of 120,000 bpd, raising Libya\'s onstream refining capacity to 160,000 bpd. However, Libya\'s largest refinery, accounting for around two-thirds of its refining capacity, is likely to remain offline until the end of the year. \"All other small refineries are on full production, we are still waiting for Ras Lanuf. Hopefully before the end of the year, we will get Ras Lanuf,\" he said, referring to the largest oil refinery. Berruien said a new era of transparency would guide Libya\'s future oil transactions. \"Every cargo, we are going to put on our website... We have the source of the crude, the amount, the pricing and the date of the lifting and the month of pricing. It\'s never been done before,\" he said. Libya\'s interim oil minister Ali Tarhouni, now replaced by the newly appointed Abdul Rahman Bin Yazza, had previously promised to scrutinise all oil deals agreed during the rule of deposed leader Muammar Gaddafi. \"Today nothing has been investigated, but that doesn\'t mean we shouldn\'t investigate. If we feel there is anything that is not right, we will look into it,\" Berruien said. During the conflict, Agoco promised half of its early crude production to trading firm Vitol as payment for fuel supplied to rebels during the uprising. \"Vitol was the only company at the beginning of the conflict that responded to the queries sent by Agoco. There were some other companies who did submit [offers], but their offers were higher than Vitol\'s, mainly because they were asking for the war-risk insurance,\" Berruien said. \"Right now, some of the payment back to Vitol is done by giving them certain crude, but if their price is competitive.\" He said oil proceeds would go straight to the Treasury, which will have to allocate the money to other sectors. He reiterated the NOC had not spoken with British firm Heritage Oil about its reported $19.5 million (Dh71.6 million) purchase of a controlling stake in Benghazi-based Sahara Oil Services in October. \"I have said it many times, we\'ve had nothing to do with this company. We haven\'t had any discussions, or any agreements or any contracts,\" he said. He said Heritage Oil had met NOC representatives in Benghazi months ago, but it was just an introductory meeting. When asked about the Greenstream gas pipeline to Italy, Berruien said its line capacity was at 600 million cubic feet per day: \"It restarted less than three weeks ago.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today libya claimsoil output on way to recovery Arab Today, arab today libya claimsoil output on way to recovery

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today libya claimsoil output on way to recovery Arab Today, arab today libya claimsoil output on way to recovery

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday